URGENT ADVICE PLS! am I being conned?!!

Benji_Brown

In my experience, asset management companies that I have dealt with are very slow and very unwilling to help. I cannot understand why because it is in their best interests for repo's to complete quickly and at good prices.

I hope that you manage to secure the property and unfortunately this is another example of how repo's can be very stressful.

k_bagpuss

I completed on a reposession a week last Friday. We didn't know it was a repo - it was advertised as having no upper chain and there certainly wasn't any tape on the taps or anything! We were in a similar position in that we had nothing to sell, mortgage in place and we were told we had to be able to complete in 28 days. From the day our offer was accepted to the day we actually got the keys the time elapsed was 14 weeks. Hang in there, if it's meant to be it will work out! And then you'll have the fun and games with dealing with the utilities and everyone else who's been left owing!

Conel

Hi,

I have been following this and just want to let you know my fingers are crossed for you!

anopetse

Hi ktm79

So glad it is looking more positive for you.

And no, you don't sound hysterical, but who could blame you if you were!

Tied in knots here keeping everything crossed for you.
Good luck.

Blacksheep1979

xdaisychainx wrote: »

Oh leave her alone. Of course she is frantic, she has her heart set on a house for her family (which she has put alot of time and money into) and wants to make sure she gets it. She doesn't sound like she is ranting, nor does she sound like a lunatic.

I don't know - have you counted the number of exclamation marks?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

KellsBells

Benji_Brown wrote: »

In my experience, asset management companies that I have dealt with are very slow and very unwilling to help. I cannot understand why because it is in their best interests for repo's to complete quickly and at good prices.

Ouch!! I can explain why you may have this opinion... in asset management we are merely the go-between from the lender to the agent. When we recieve an offer on any property, it is forwarded to the lender within minutes. The lender then has to obtain the borrowers debt details, details of any other charges on the property that are owing, service charge & maintenance arrears if there are any, valuers reports on the offer (opinions of whether the offer is the best possible price), work out their own solicitors/court/estate agent/asset manager costs, and once all this is done, have to have the offer (and in most cases, the shortfall) signed off by a director of the bank. And in my experience (which is over 4 years in asset management) most bank directors spend most days schmoozing shareholders and playing golf :rolleyes:

This, as I'm sure you can imagine, takes a while. If only it were as simple as having a figure you can accept.... This however, is why you feel we are slow. As regards unwilling to help... we pay the estate agents to deal with the applicants, it's not our job to help buyers, it's our job to provide a service to the mortgage lender! And as for your last point, you are absolutely right - it is in EVERYONE involved's best interests to do things as quickly, for as little cost to the borrower as possible.

We're not all bad, honestly :A:A

xdaisychainx

Blacksheep1979 wrote: »

I don't know - have you counted the number of exclamation marks?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Go directly to jail. Do not pass go. Do not collect $200.

KellsBells

xdaisychainx wrote: »

Go directly to jail. Do not pass go. Do not collect $200.

lol:rotfl:

LilacPixie

I hope you get it.

We are going to offer on a repo later on this week and it terrifies me.

karenthemummy79

Thanks for your best wishes!!!!!!!!!!!!!!!!!!!!!!!!!!! (I love exclamation marks by the way!!! does that make me a raving lunatic??!!!!!!!!!!!!!!!!!!!!!!!! lol!!!)

Well we STILL havent exchanged!!!!! BUT.... we have had some really good news!!!! They have still honoured a reduction for the cost of the drive and have ended up knocking just under £3000 off the purchase price!!!!!!!!!!!!! My solicitor tried to exchange contracts but didnt get this info til after 4.30pm and came across a prob with my mortgage!! ahhh!!

When she realised there was no NHBC or Architect certificate on the property, she advised the lender and they have now got the app on their system as 'needing to be reassessed'. So, she has sent an urgent fax to them at the end of the day confirming that the architect certificate will be issued on completion of the drive which hopefully will mean that we can exchange tomorrow.

We seem to get over one hurdle and come across another!!

LilacPixie - good luck!!! you need it!!!