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repossesion withdrawn 2 days before completion!?
MIKEP1
Posts: 5 Forumite
I am in the process of buying a repossesion, and having fought off a few increases in price following public notice i'm ready to complete in 2 days. I have transferred the deposit to my solicitors and I thought it was just a matter of time. I received a call from the estate agents today advising the seller had withdrawn 7 repossesions (including mine) from the market. Both the estate agent and my solicitor said they have never heard of this happening before and cannot think of a reason why this would happen. One part of this scenario that doesn't seem quite right is that on the sellers side there are 2 sets of solicitors involved. Can anyone suggest why, firstly the property would be withdrawn 2 days before completion, and secondly, why there would be 2 sets of solicitors involved on the sellers side? also is there anything I can do to make the sellers reconsider? (my solicitor is persuing them tomorrow but just wondering if this has happened to anyone before?) any help would be appreciated
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Comments
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Have you Exchanged?
Could be that there are several interested parties involved each with solicitors. Bank, Official Receiver, other debters.
Could be the seller has a new policy with repos: auction? Could be any number of things.0 -
sorry, so many terms I've got the 2 confused. Exchange was due on thursday then completion to follow.0
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I was thinking that it could be going to auction but sureley thats risky for the seller as theres a possibility of the property going cheaper, plus they are so close to getting the money which is what they are looking for, a quick sale. The only other suggestion I've has is that possibly a developer has submitted a bulk buy from the seller as they have withdrawn 7 properties on one day.0
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