We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
We're aware that some users are currently experiencing errors on the Forum. Our tech team is working to resolve the issue. Thanks for your patience.
Can EAs comment on whether a house is a repo or not?
Marcheline
Posts: 450 Forumite
Just rang an EA to ask some basic details regarding a house I've seen up for sale. I asked if it was a repo and was told "we're not actually allowed to comment on that". Sounds like it might be then?! Just wondering whether they really can't comment on that?
0
Comments
-
Some of the lenders stipulate that they don't want it to be marketed as a repo, but they'll have to tell you when you put an offer forward anyway so the EA is being a bit thick. It's not supposed to go on the sales details with the ones we deal with. Sounds fairly definite that it is a repo, or they would just say no surely!Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
That's what I thought. Thanks for clarifying though! Even though I've only seen it online, there appears to be a white A4 sheet of paper stuck up in the front room window (notice for the owners to get their possessions out?) and there's no furniture inside, so that's why I thought it might be a repo in the first place.0
-
Yep, that's a dead giveaway, it's the chattels notice informing the previous owners they have so many days to collect their possessions.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
Definitely, 100%. The other thing is to ask to see the HIP, if it is a repo then it will be obvious in the questionnaire.0
-
Repo's stay on the market until completion so you can end up spending a few grand on solicitors & surveys only to get out bid at the last moment. Technically no different to any other sale I know but repo's are more agressively marketed right up until the last day.
This could be one of the reasons they don't want to inform you.0 -
princessamy86 wrote: »Some of the lenders stipulate that they don't want it to be marketed as a repo, but they'll have to tell you when you put an offer forward anyway so the EA is being a bit thick. It's not supposed to go on the sales details with the ones we deal with. Sounds fairly definite that it is a repo, or they would just say no surely!
If the EA has been instructed not to tell enquirers that it is a repo, and is then asked a direct question by an interested party, what would you suggest they say?0 -
You can tell by the interior photos of the house as well, usually the sinks, bath, toilets etc have red tape across them saying "do not use!".0
-
If the EA has been instructed not to tell enquirers that it is a repo, and is then asked a direct question by an interested party, what would you suggest they say?
If they have been specifically instructed not to verbally confirm it is a repo, then fair enough, they've said the right thing. The eventual buyer WILL need to know at some point though, otherwise the 28 day exchange will not be understood and probably not met. It will also state on the memorandums that the seller is a company, not an individual.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards