URGENT ADVICE PLS! am I being conned?!!

PasturesNew

AMILLIONDOLLARS wrote: »

(no NHBC or Architect cert & issues with the title) which have now all been rectified at our expense!!!

Are you saying that you have paid for these to be recified and now someone else is going to come along and reap the benefits? Surely it should have been the sellers paying towards these cost, if not, shouldn't the sellers not take into account the money you have spent so far correcting these problems right. I think you've been conned!!

AMD

This, imho, is the way it goes with a repo. It's "sold as seen" and traditionally repo's weren't being bought by the man on the street, but by property developer types who had cash sloshing about or credit channels that gave them flexibility based on the fact doing this sort of thing was their profession.

It's needing a mortgage that's mucking things up for the OP.

When a house is repo'd, the original owners usually are completely out of the equation, gone to ground, disappeared ... and the bank then has the property as one of dozens/hundreds on their books. They just want them shifted simply by listing the address and saying "for sale". So buying a repo is a lot more effort/risk - and mortgage companies want all the i's dotted and t's crossed.

hethmar

Good luck. I think its 99% in your favour. You have had your mortgage approved, you have had the surveys done, the work with the solicitor and you can exchange immediately. The new lot are an unknown quantity and unless they have cash in their hands no businessman would choose them over you.

Do let us know how it goes.

Liz33

Fingers crossed for Monday its stressful enough buying a property without this happening

Valli

hethmar wrote: »

Good luck. I think its 99% in your favour. You have had your mortgage approved, you have had the surveys done, the work with the solicitor and you can exchange immediately. The new lot are an unknown quantity and unless they have cash in their hands no businessman would choose them over you.

Do let us know how it goes.

agreed - you are so far along with the process - new bidders will come in for same hassle and (point this out to EA BTW) continual delays aren't going to shift the house...even though mortgagors have a duty to get best price they also need to get it doen quickly - fingers crossed!

anopetse

I feel for you so much. We are in a similar position - desperately trying to get to a position where we can comply with the requirements of our mortgage company.

This, imho, is the way it goes with a repo. It's "sold as seen" and traditionally repo's weren't being bought by the man on the street, but by property developer types who had cash sloshing about or credit channels that gave them flexibility based on the fact doing this sort of thing was their profession.

It's needing a mortgage that's mucking things up for the OP.

PasturesNew sums it up well and that's exactly the message we have been trying to get across to the sellers - their contract may be fine for property developers etc but it just won't do when us 'normal folk' need a mortgage.

Good for you for sticking with it - I know how frustrating it can be.

Our asset management company/receivers won't play ball and yesterday we made our final attempt to proceed with the purchase by reducing our offer by 30% on the basis that the property is unmortgageable.

I wish you all the luck for Monday - after all the work you have put in you deserve a break. I'll be keeping my fingers crossed for you.

A.

GDB2222

PasturesNew wrote: »

Repos are a pain in the 4rse. That's why traditionally "normal people" don't buy them.

It's a whole can of worms. Just the sight of that tape over the loo and taps makes my heart sink.

Good luck with it.

I just wouldn't have the constitution or confidence to buy one.

Repos are usually at a discount of a few % to the market, so I'd encourage you to feel more confident. You're in an incredibly strong position as a buyer (no chain, cash buyer), so you'd be their favourite purchaser.

Repos are usually a bit cheaper, so they get a quick sale, but of course not the huge bargain that people make out.

You can get outbid with an ordinary sale, as well, or the vendor can change their mind, or ..... i don't agree that repos are riskier. At least with a repo you know they really want to sell it.

GDB2222

Can I just add that there are lots of repos that are just plain ordinary houses that have all the usual certificates. After all, most of them were bought by private buyers a couple of years ago.

poppysarah

Wish you luck!

PasturesNew

GDB2222 wrote: »

Can I just add that there are lots of repos that are just plain ordinary houses that have all the usual certificates. After all, most of them were bought by private buyers a couple of years ago.

They have/had them .. but there's nobody who gives a t0ss about finding them/tracking them down. No neat folder they're all in. Nobody who really gives a hoot if you're short of a bit of paper or two.

GDB2222

PasturesNew wrote: »

They have/had them .. but there's nobody who gives a t0ss about finding them/tracking them down. No neat folder they're all in. Nobody who really gives a hoot if you're short of a bit of paper or two.

Well, actually, the lenders should have all this info, assuming it was one of their requirements when they gave the loan. Besides that, the NHBC guarantee surely does not depend on actually having the bit of paper? There are records at NHBC, and they'll issue a replacement. See here:

http://conveyancing.wordpress.com/2006/07/11/readers-questions-%E2%80%9Cwhat-should-i-do-if-i-lose-my-nhbc-insurance-certificate%E2%80%9D/

I thought the problem the OP had was that the property was not finished in some way - something wrong with the driveway.