Structural faults when buying auction property- help needed urgently!!

Running_Horse

charliefinn wrote: »

Are they legally entitled to cover up things like this?

They didn't cover anything up. He failed to check.

Wish I was rich enough to burn money like that.

RecoveringAlcoholic

This thread must be a wind up.

Nobody can be this stupid.


.

border_collie

silvercar wrote: »

Has he signed? If not there is still time to stop the payment going through and pull out. Without having signed the vendor only withdrew the property from the auction because they thought they had a buyer. Maybe the vendor should have kept the property listed until the money was received and the paperwork signed.

as your Dad hasn't actually bought at auction, he may be able to get out of the exchange.

This is what I think too. He hasn't bought it at auction and he isn't really bound by auction rules.

Fingers crossed.

Doozergirl

border_collie wrote: »

This is what I think too. He hasn't bought it at auction and he isn't really bound by auction rules.

Fingers crossed.

Auction rules don't actually exist. You aren't bound literally on the fall of the gavel as per the turn of phrase, it's the then almost immediate exchange that binds you - you can bid, win and turn on your heels if you wish - I've seen it twice and both times the property has gone back in on another day.

Great if he hasn't exchanged but I'm wondering who would pay across 10% of the value of a property without signing a contract for the sale? Presumably only someone who is as gung-ho about money as someone who tries to buy a house without looking at it properly. Fingers crossed indeed!

neverdespairgirl

Auction property is almost always offered "as is". Unless it states specifically that it's in good repair, structurally sound, or whatever, you buy it having done proper checks yourself.

Sounds as if Dad got blinded by greed - his tough luck.

Running_Horse

Never heard of an online auction for houses before.

Does it work like Ebay?

17th of July seems to have been a busy day for new members registering and asking silly questions.

poppysarah

Online auction? I think redc is the only online one?

3 bed detached but then you say it's pulling away from the other semi...


Did he view? Did he get a surveyors report? When it's your own cash you're wasting that's fine - but mortgage money needs to be looked after properly.

clutton_2

""He hasn't bought it at auction and he isn't really bound by auction rules.""

you can bet your boots that somewhere in the T&Cs small print there will be a clause that says something like "if you hit this button now and place your bid and are successful then you will be deemed to have exchanged contracts" - like on ebay....

pmlindyloo

Does this apply here?

Distance selling

If you buy goods from a trader without having face-to-face contact with them, this is known as distance selling. Examples of distance sales include goods that are bought:

• by telephone or fax, including text messaging and mobile phones
• by mail order
• electronically through the internet, e-mail or digital television
• through a shopping channel or teletext
• from a catalogue
• through a newspaper or magazine advert order form.

If you buy goods in any of these ways, you have rights on top of those you have when you buy goods in a shop. The most important of these is the right to a 'cooling off' period. This gives you the right to cancel your order within seven working days, without having to pay anything. The trader must tell you about this right when you place your order. Other additional rights you have when you make a distance sale include the right:

• to be given the name and address of the trader
• to be given the price of the goods, including taxes and delivery charges
• to receive the goods within 30 days
• to keep or dispose of any goods you receive but have not ordered. If a seller demands payment for goods you haven't ordered, you don't have to pay for them or return them – see under the heading Charging for goods you didn't order.

If you use a credit card to buy goods in any of these ways, you also get special protection against the fraudulent use of your credit card details.
If the trader won't leave you alone and continues to contact you when you've told them not to, they may be guilty of a criminal offence. You should report them to Consumer Direct – see under the heading Further help for contact details. (www.adviceguide.co.uk)

Not sure if it does (more knowledgeable people will know) but if it does you will have 7 working days to cancel.

MobileSaver

pmlindyloo wrote: »

Does this apply here?

Distance selling

Genuine * auctions are exempt from the Distance Selling Regulations.

http://www.opsi.gov.uk/si/si2000/20002334.htm

* e.g. eBay "Buy It Now" sales are not exempt as they are not genuine auctions.