Gazumped on a Repossession

betsie

no he could have sold it several times but was holding out for a very over inflated price - much more than he paid for it. I did not ask him to over stretch himself, buy loads of stuff he couldnt afford on credit and run off owing loads of people money. He did all that himself.

Deke_2

Just stop it Nollag. No one wants to hear your boring tyrade. Nice people are answering the original question and thanks to you all. Theres no need for insults. Just stop it

Person_one

nollag2006 wrote: »

Indeed ... the vendor now has an offer of £1k more than the OP has offered.

What is ridiculous is the OP coming on here wailing about open market economics.

Sounds like someone needs to grow a spine...

Is that 1K really worth throwing away an almost exchangeable sale though?

The new offerer could have no chance of getting a mortgage or could have something to sell that'll take months. All the while the decent hard working family who've been thrown on the streets are in limbo.

Or possibly a prolific landlord who lost 15 of his 45 properties is in limbo.

Deke_2

I'll set the record straight about the vendor. It was a Landlord who has a lot of student properties in Manchester. The current state of the property is abismal and needs alot of work to renovate it. Basically, he couldn't be bothered to keep up with the payments as nobody wanted to rent it out because of its condition. There is no family on the street or in limbo.

Person_one

Deke wrote: »

I'll set the record straight about the vendor. It was a Landlord who has a lot of student properties in Manchester. The current state of the property is abismal and needs alot of work to renovate it. Basically, he couldn't be bothered to keep up with the payments as nobody wanted to rent it out because of its condition. There is no family on the street or in limbo.

You don't have to justify yourself, don't worry!

I feel truly truly sorry for all the people who've been repossessed recently, but I didn't cause it, I can't reverse it, I need somewhere to live and I don't have a lot of money.

If I had a magic wand, I'd change a lot of things over the last few years so that I could have a home without someone else having had it taken away from them, but I have yet to acquire said wand

Deke_2

Person_One ....... Nice

inmypocketnottheirs

Oh if it was a perfect world.

Everyone would have a house.

And a job.

And we could all live happily ever after.

neverdespairgirl

nollag2006 wrote: »

My view is that the bank has a moral (in addition to a legal) obligation to get the best price possible for a distressed family from the bottom feeders who sniff around the misery and despair of those who have lost their homes.

Why "family" apart from to add emotion?

Could be a buy-to-let. Could be a single person. Could be a childless couple. Could be two mates.

nollag2006

Never thought I'd see the day when MSE posters would rush to encourage gazumping.

nollag2006

the_realist wrote: »

You are the only one that has with your quote above. No one else has even come close to supporting it. You clearly have some issues with repo but you need to explain to the samaritans why you did not keep up repayments, not take it out on people here.

What an odd incoherent post. Deriding the Samaritans is pretty low

I have no problems with repayments, or the Samaritans, or repossessions.

What I do have is a real issue around the morality of gazumping - something that causes misery and pain for other potential purchasers.

What goes around comes around - here's hoping you get yours