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How do you contact the vendor (repossession)to make sure offer is actually forwarded?
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But they could sell to a company which they have set up to rent properties out. It happens more than people realise.
They could do, but they still have a duty to sell at the best price to protect the interest of the original owner."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Has anyone else got any experience of dealing with Halifax buying repos off them ?
Yes, I have dealt with Halifax.
The whole process is 'institutionalised'. You're not fully appreciating that they need to satisfy their internal controls. Also, subject to not saddling the original borrower with too much of an outstanding debt, the property is the mortgagees' to deal with. Any failure of the agents to pass on your offer is a matter between the agents and the mortgagees. You have no rights in the matter.
I remember one house I nearly bought for myself from mortgagees. The surveyor slated it, and I went back to the mortgagees to renegotiate the price. They simply said 'no' and promptly sold it to someone else, who I know spent a fortune doing the place up.No reliance should be placed on the above! Absolutely none, do you hear?0 -
The problem is that repo's are unoccupied for months and attract vandals. One property I was interested in was broken into recently and someone tried to steal the hot water cylinder and kitchen sink. This made the house value go down to nearly a third less due to the amount of cost needed to repair the house and the fact that it had to be boarded up making it look "rough". An unoccupied house does affect its value especially if people know that its empty with no curtains up at the window.0
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Please let me know of any property being sold for a third less than it's valeue due to a lack of hot water tank and kitchen sink.
A new sink costs about £100 and a new hot water tank about £150. True there's some labour to add plus probably a bit more for surrounding damage but you can buy an awful lot for a third of the price of the house.
Most properties, like many other unoccupied properties, are not boarded up unless they are in a rough area anyway."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
It won't be mortgageable with no sink and it won't be habitable if there is no boiler plus many vandals would "trash" the place pull the radiators off the walls, strip the piping from the walls etc so can be off putting for a first time buyer since they would need to the extra cash to put right, especially if the water, gas was still left on and the vandals forgot to turn it off. If you have looked at a repo that has been damaged like this you probably wouldn't wait to get out of the house. Houses in middle class areas get broken into BTW, not just in "rough" areas.0
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As I said, let me know where they are - I'll arrange the finance don't you worry!
A lender will not decide whether to lend or not based on a missing £100 sink!
Agreed, houses get broken into all over the place, but it's not just unoccupied properties, and most repo's are not boarded up, nor are that many trashed either by the original owner or by vandals."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
I dont think whether or not a house might get broke into etc is the point is it, the guy was asking a general question, lets try and help and stick to the point0
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Don't forget the Halifax run their own Auction house - might be worth subscribing to their catalogue in case the property appears. If it is already listed and your offer is lower than the guide price they may decide to let it go to auction.Property Consultant
Birmingham, London, Brighton.0
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