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!
buying a repossession!
Lbarn
Posts: 74 Forumite
Hi guys
Does anyone know if the seller (bank) is obliged to sell us the property once they have accepted our offer in writing and public notice has been out.
They or the EA seem to be widening the goalposts and won't exchange!
They just keep adding days to wait. We have had survey done, solicitor has mortgage offer and we signed days ago!
Has anyone got suggestions of how we can push for exchange?
Help
Does anyone know if the seller (bank) is obliged to sell us the property once they have accepted our offer in writing and public notice has been out.
They or the EA seem to be widening the goalposts and won't exchange!
They just keep adding days to wait. We have had survey done, solicitor has mortgage offer and we signed days ago!
Has anyone got suggestions of how we can push for exchange?
Help
0
Comments
-
Search function.Been away for a while.0
-
Sorry I don't understand?0
-
You can't force them to do anything. What's the holdup due to?No reliance should be placed on the above! Absolutely none, do you hear?0
-
Basically because seller or EA is hanging on for more cash even though we have gone thousands over asking and can exchange well within 28 days and have done everything ourside even insured the property and waited for public notice.
It just seems so unfair0 -
Insured it? Can you insure a house that you don't own? If so why not torch the place and claim the insurance money?
Anyway, I can see that it is annoying but its not unfair. It's just like any other sale with anyone able to pull out before exchange.0 -
Why in heaven's name have you insured it prior to exchange?
I think you need to find out exactly what the background to all this is. Normally, before marketing the properties the banks get two independent valuations done. That therefore have a pretty good idea what the property is really worth, and they set the asking price accordingly, i.e. at a level which is likely to attract attention.
It is quite common for these properties to end up being sold for more than the asking price, as as has happened here.
Having had your offer in and accepted by the bank, the estate agent then has to put a seven-day notice in the paper. That can take say a week to get into the paper, +7 days to expire. Of course, at that stage somebody else may come along with an offer. I imagine that this is what has happened in your case.
You are so far advanced with your purchase that you will be the obvious front runner. Nevertheless, the lenders have an obligation to get the best possible price in the circumstances, so they have to investigate any new offers that have come in. You may well find that you are asked to increase your offer to match the best new offer that has been received.No reliance should be placed on the above! Absolutely none, do you hear?0 -
you have to get buildings insurance for a repossession, its essential before point of exchange as the property is vacant so the gap between exchange and completion means you are liable for it, hence has to be insured!0
-
GDB2222, thanks for your reply...we know all this, our issue is 7 days has run, our offer accepted weeks ago and no one else in running.... thats our issue0
-
you have to get buildings insurance for a repossession, its essential before point of exchange as the property is vacant so the gap between exchange and completion means you are liable for it, hence has to be insured!
It's essential AT point of exchange, but not before. Hopefully, your insurance covers it being vacant.No reliance should be placed on the above! Absolutely none, do you hear?0 -
we were at point of exchange, sat in the solicitors office!!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.2K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards