REDC UK Repossesion auction. SCAM??

andyb2009

There is an asset management company called connells that are handling it for the owner(an american owned bank I think).

The offers were definately passed to them because I have checked.

I think the client of connells(the american bank/company) have said its going to auction regardless.

Probably they have had previous dealings with REDC and are adamant it's going that way.

m_13

Do you mean Connells the UK EA? They do have a bit that deals with repossessed property viewings but so far as I know they don't manage repossessions. The property we are buying is via Asset Management Group from Northern Rock with viewings by Connells EA.

I'd be surprised if a property in the UK had a mortgage from a US owned bank or company. I've known of European mortgages on UK properties but never US mortgages.

However, I'm sure you've checked into all this.

andyb2009

Yes it Connells the UK Estate agents.

If you were to go to their website click other services on the top tab then asset management on the left hand column, it is this department dealing with the sale.

It was them that were forwarding the offers.

They won't disclose their client, but have just said that they are American owned.... hence the REDC Auction.

The property viewings were all arranged through Ward and Partners Estate Agents.

They are going to be paying so many different people commission it just doesn't make sense !

rich-accountant

Looks like we have the same problem.

Our offer was accepted however vendor of the repo moved the deadline, which we couldnt meet due to waiting for our mortgage offer. They are now taking the property to auction even though we are ready with the mortgage and have had all the surveys and legals done.

I cannot believe the auction website www.auctiontoday.co.uk

Their buyers commission is 10% plus VAT!!!!!!!!!

Plus they have 15 days after the auction has finished to accept the final auction price!

We are FTB and cant believe our luck. I dont think we can go to this auction, it seems though they hold all the cards, and we hold none.

All our money we have spent in this house is down the drain.
I dont mean to moan but I feel I that this is just not right

Trollfever

Another discussion:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=107234


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russ21282

Just had a quick look on their site now it's up. Around my area the "previously valued at.." prices are ridiculous. They have a 2 bed terrace for 195,000! it wouldn't even get close to 100k even at peak property prices.

rich-accountant

Our offer which was accepted originally was at £167. Their "valuation" is £230k, which is no where near

russ21282

rich-accountant wrote: »

Our offer which was accepted originally was at £167. Their "valuation" is £230k, which is no where near

Something not quite right then.

I just checked the prices in the same postcode as the 195k one which are a little like this:

1 14/12/2007 £83,000
2 28/09/2007 £89,950
3 04/06/2007 £81,390
4 22/12/2006 £76,000
5 25/08/2006 £70,500

:rolleyes:

rich-accountant

And looks like they "freeze" the house once put up for sale, so the lenders cannot accept an offer, hence why they have rejected our offer now we have our mortgage

BlameTheGame

Way overvalued and wow@the 10% (plus VAT) commission. Absolute farce.