URGENT ADVICE PLS! am I being conned?!!

karenthemummy79

I am SOOOO scared about tomorrow!!!! I just want the day over with!!! I am really hoping that it all goes our way and that we manage to exchange contracts!!!

My Grandad has suggested I phone my solicitor 1st thing in the morning and get her to contact their solicitor and try and exchange ignoring the drive situation as their solicitor might not yet know about the new offer and all the contracts are signed!!! wonder if that would work!! hehe!!

I have a question for you all though - IF the other bidder IS one of the original bidders, should they be allowed to outbid me now as we went to final bids right at the start?? so, surely those bids were final bids and they shouldnt be allowed to come in later on with a higher amount? Am I being desperate in thinking this?!

Right I am off to bed - it is like Christmas when you are a child - the sooner you go to bed, the sooner it is tomorrow!!! I just NEED it all sorted out now!!!

I am in work all day tomorrow though so that will be difficult but I will update you tomorrow eve!

Thanks for all your advice! xx

karenthemummy79

Oh and about the possibility of the NHBC being missing and still being on file somewhere - that is NOT the case! There is no NHBC so the mortgage company can accept an architect certificate instead - I had to go to the next door neighbour to find out who the architect was and contacted him and he has never issued his certificate because building control at the council have never issued their final certificate. I got building control out and the only issue to resolve is the disabled access on the drive as it hasnt been surfaced. My solicitor is happy to exchange and do the work to the drive & get the certificate in between exchange and completion.

I can only guess that the prev mortgage company agreed the mortgage on the basis that an occupancy certificate had been issued and the fact that it was 2004 when they were throwing mortgages at people!!

flea72

karenthemummy79 wrote: »

I have a question for you all though - IF the other bidder IS one of the original bidders, should they be allowed to outbid me now as we went to final bids right at the start?? so, surely those bids were final bids and they shouldnt be allowed to come in later on with a higher amount? Am I being desperate in thinking this?

there is no such thing as final bids, where repos are concerned 'gentlemans honour' means nothing.

I dont know why lenders go through the process of sealed/final bids..... oh yes i do...... its a way of getting people to put in higher offers, and usually results in a continued bidding war, until they have squeezed your last penny out of you, and the other person finally buys the house for 1p more than you were prepared to pay

Until you exchange contracts, you cannot rest easy. The lender handling the repossession, has to consider any offer that is made against the property (its the only way they may recoup some of their losses). It may well be that as you are so far along the process that the other offer will be turned down, but that all depends on how much the lender has to try and make back from the sale. If the other offer, is substantial enough for them to give the other buyer 28 days for things to go through, then they will

Flea

karenthemummy79

Thanks Flea! Well I am hoping that IF it is one of the original bidders then they must of really had to squeeze the extra money from somewhere so hopefully it isnt substantially higher than ours!

Fingers crossed for today then that they see sense and stick with us!!! I cant think of that house being anyone other than ours!!! we have made SO many plans, got to know the neighbours and everything!!!!

I woke at the crack of dawn this morning and couldnt get back to sleep with worry!! now got a day of work to contend with!!

maryotuam

Good Luck karenthemummy!

lunar

I have been lurking on this story, good luck for today Karen.

karenthemummy79

I cant begin to tell you all how !!!!!! off I am right now!!!!!!!!!!!!! :mad::mad::mad:

Firstly, I phoned my solicitor 1st thing this morning to be told that she wont be in til after 11am because she has a burst pipe!! just typical!!

Phoned the EA and told them we had decided that our final offer is that our price remains the same but we will foot the bill for the cost of the drive (the EA was told that all of the bids are NOT in so I didnt want to delay things further by having to wait for them) and will not be asking for a reduction in price and that we can exchange today!!

12pm deadline came and went.........

2.30pm EA chases the asset management company to be told that they are still waiting for some info from the other bidder???!!!! (deadline obviously is meaningless!!)

EA decides to visit the other EA to find out what the delay is to be told that the other bidder wasnt even informed about the fact the house is unmortgagable in its present state and there are issues with the title plan until 3pm today!!!! So now it is left with them to decide if their bid is still on the table!!

I 'find out' that the other bid IS £2500 more than ours (so not substantially higher) and the other bidder is NOT one of the original bidders so MUST of looked at the house ages ago which suggests that they may of just sold their house or had an offer agreed which may even mean they are in a chain!?

So end of day and still no further!!! We were all ready to exchange today but are left stressing for another day! The impression that the EA and solicitor were getting when they were phoning is that they simply take the highest offer and I am just hoping that they are not that stupid!!!

Fingers crossed again for tomorrow!! I dont know how much more of this stress I can take!!! :mad::mad:

G_M

If you are ready to go, put some pressure on. Say you want to exchange today or you walk away.

The asset co will not want to lose a buyer who's ready go, at a price long since agreed, on the offchance of this new buyer possibly coming to fruition.

Good luck!

Running_Horse

karenthemummy79 wrote: »

Thanks for that Southcoast - I am fully aware that they have to be seen to be getting the most for the property as possible and that is what worries me

They don't just have to be seen to get the most possible for the property, they have to get it. How about sparing a little of your worry for the poor sucker who lost their home. Calm down and get things in perspective.

KellsBells

Karen, I work for an asset manager (the bad guys in this instance) and I just wondered, are you absolutely sure the property isn't being marketed on a Multi Agency basis?
The problem is that while it seems perfectly logical to any normal person to exchange with you, what is undisclosed is the amount of debt (and therefore potential shortfall to the bank) there is on the property, and also if the borrower were to discover that there was a higher offer and the bank didn't take it, it leaves the bank open to scrutiny and possibly being sued.
pm me if you want me to give you some advice from the asset managers point of view.x