Repo house

[Deleted User]

Hi,

I'm currently in the process of buying a repo. I had my offer accepted in June & was meant to have completed in July.

The reason its been delayed is due to the Asset Management company not being able to get some information relating to the development where the house is.

We are now fast approaching Sept & I'm still waiting. What I'd like to know is can I request they now stop advertising & marketing of the prop? I know they have to advertise for a period in the newspaper & on right move which has all been done.

No-one seems to know when this info will be available & I'd feel better about the whole situation.

anyone know if this would be possible before I ask the agent??

saabay

This is a common problem buying a repossessed property. The seller has no documents usually and the former owner having their property repossessed is unlikely to be co-operative in handing them over. The agent is unlikely to stop marketing the property (although you can ask) because the seller is obliged to get the best price for it, etc.

I would suggest you try to get some of the information yourself and get your solicitor on to it also. Find out from your solicitor what they are waiting for. I would guess planning consent/infrastructure agreements, etc., and then see if they or you can get hold of them yourselves.

Kendall85

Hi there,

Unfortunately you will find the property will continue to be marketed until exchange of contracts have taken place as has been said the asset management company has the lenders best interests at heart.

As has been said, can your lawyer not assist?

sonastin

I had to wait 9 months for the asset management company to pull their finger out and reach a sensible conclusion to the problems in our transaction. Throughout that time, the property was being marketed - and for a good couple of months after we moved in too!

I'm pretty sure that as the months passed by and the asset management co took increasingly more ridiculous actions rather than just agreeing to reduce the price, the EAs became more and more determined that we would get the property so they probably weren't showing it to anyone else.

Its worth bearing in mind that the vendors know that you know all about the trouble they are having with the paperwork and you are still hanging in there. The next buyer coming along doesn't know that there is a problem yet and they might just walk away when they get to this point. So it would have to be a significantly higher offer to make the vendors risk losing a knowledgeable buyer for one who might flake on them. And the EA will be even less inclined to lose their sale fee so they're more likely to put up barriers to anyone who might not see the purchase through.

Oh, and if your deal is like the repo I bought, the EA doesn't get any personal commission from the sale of a repo - it just goes through the central account between the asset management co and the EA chain so the individual you're dealing with doesn't care how big the offer is. Just make sure you keep a good relationship with the EA and you should be alright.

G_M

funk_punk wrote: »

The reason its been delayed is due to the Asset Management company not being able to get some information relating to the development where the house is.

Can you not get it yourself?

Is it general info (talk to the neighbours, or the developer).
Or is it property specific (are management charges up to date - talk to the management company)
Or is it Planning type info (have the roads been adopted) - tal to the local council.

[Deleted User]

G_M wrote: »

Can you not get it yourself?

Is it general info (talk to the neighbours, or the developer).
Or is it property specific (are management charges up to date - talk to the management company)
Or is it Planning type info (have the roads been adopted) - tal to the local council.

It's to do with the management company but they have gone into liquidation so the solicitors are having to deal with liquidators, who know nothing.

[Deleted User]

Blimey 9 months!!! That must have been stressful.

I have a good relationship with the agent & she reassures me that there been no other interest & if there was they wouldn't be encouraging viewings.

Hadn't thought about it that way, Im not really getting a bargain although its prob under market value so I doubt anyone would offer above market value, I hope!

B][/B]

sonastin wrote: »

I had to wait 9 months for the asset management company to pull their finger out and reach a sensible conclusion to the problems in our transaction. Throughout that time, the property was being marketed - and for a good couple of months after we moved in too!

I'm pretty sure that as the months passed by and the asset management co took increasingly more ridiculous actions rather than just agreeing to reduce the price, the EAs became more and more determined that we would get the property so they probably weren't showing it to anyone else.

Its worth bearing in mind that the vendors know that you know all about the trouble they are having with the paperwork and you are still hanging in there. The next buyer coming along doesn't know that there is a problem yet and they might just walk away when they get to this point. So it would have to be a significantly higher offer to make the vendors risk losing a knowledgeable buyer for one who might flake on them. And the EA will be even less inclined to lose their sale fee so they're more likely to put up barriers to anyone who might not see the purchase through.

Oh, and if your deal is like the repo I bought, the EA doesn't get any personal commission from the sale of a repo - it just goes through the central account between the asset management co and the EA chain so the individual you're dealing with doesn't care how big the offer is. Just make sure you keep a good relationship with the EA and you should be alright.

sonastin

It didn't comply with building regs and building control were threatening enforcement. The vendors spent 8 months messing around "putting right" the easy stuff on the building inspector's list of issues without addressing any of the big hitters. In the end the building inspector lost his rag and spelt out exactly what needed doing and the vendors realised that it would be easier to drop the sale price so we could do the work ourselves!