Buying a repossessed house

mario75

in HIP is clearly stated diffrent morgage company ( and I have contacted with them so I am sure that they are vendor)
House is for sale from Bairstow eves which is part of countywide or something like that.
so ea put the offer to counrywide and they to the vendor .crazy I think.
I have put
76k than
79,400 (wanst even passsed because countrywide decide that gives me and this other puyer 3 h to gives the offer and then who gives more than will win )
80k after this offer countrywide said that this other person gave more...i dont believe that they didnt know my offer ... and if i would like to give any higher offer , than it will be consider after 2 weeks ..
so than i gave

87k
and also they didnt pass this offer to the vendor.
they play on time i thing .
any off this offer wasnt passed to the vendor ,they have only info that i have offer 76k!!!!
anything else...

hethmar

Well if you really believe something underhand is going on you should put it in writing to the vendors Mario.

Milliewilly

Doesn't surprise me you say its in Sheffield. I have had many offers 'rejected' on houses over the years with various EA's in Sheffield to discover via Land Registery they have sold for in some cases tens of thousands less than my offer.

johnson293

mario75 wrote: »

in HIP is clearly stated diffrent morgage company ( and I have contacted with them so I am sure that they are vendor)
House is for sale from Bairstow eves which is part of countywide or something like that.
so ea put the offer to counrywide and they to the vendor .crazy I think.

The house I bought was listed with a local North East estate agent, but in the HIP it said the mortgage had been through Abbey, but the 'vendor' for the property were a financial/repossessions company called AMG (or something like that) who were acting on behalf of Abbey. Even when it got to exchanging contracts, I'm sure my solicitor said he was dealing with the solicitors of AMG as the vendors.

Just to explain how we got ours, the house was listed for sale at £109,950. I made my first offer of £95k. About half an hour later, i was told the offer had been rejected. During the same call, I raised my offer to £98k.

About an hour or so later, they rang back and said that had also been rejected ,and did I want to increase my offer again. I told them my final offer would be £100k, which was my final offer as it was the max I could afford, based upon an £85k mortgage + 15% deposit. I didn't hear back that day.

I chased them the following day and was told the vendor was still considering the offer. A bit later, they rang back and said the vendor had asked if we could meet them half way at £105k, which I reiterated we couldn't, £100k was our max bid.

At 5pm that afternoon, the estate agent rang back to say they had accepted the offer, and advised that we had to exchange within 28 days, offer would be advertised, etc.

A few days later, we received 3 letters (all in the same envelope) from the estate agent - two confirming my first two offers, and subsequent rejections, and the third confirming acceptance of our final offer.

So, can't understand why your offer(s) aren't/weren't passed on - but as above, if you believe something underhand is going on, put something to them formally in writing.

mario75

Milliewilly wrote: »

Doesn't surprise me you say its in Sheffield. I have had many offers 'rejected' on houses over the years with various EA's in Sheffield to discover via Land Registery they have sold for in some cases tens of thousands less than my offer.

why its happen?dont you thing that they sold the houses for "friends" and gave advert only because they had to?

Milliewilly

Yes most likely.

mario75

johnson293 wrote: »

The house I bought was listed with a local North East estate agent, but in the HIP it said the mortgage had been through Abbey, but the 'vendor' for the property were a financial/repossessions company called AMG (or something like that) who were acting on behalf of Abbey. Even when it got to exchanging contracts, I'm sure my solicitor said he was dealing with the solicitors of AMG as the vendors.

Just to explain how we got ours, the house was listed for sale at £109,950. I made my first offer of £95k. About half an hour later, i was told the offer had been rejected. During the same call, I raised my offer to £98k.

About an hour or so later, they rang back and said that had also been rejected ,and did I want to increase my offer again. I told them my final offer would be £100k, which was my final offer as it was the max I could afford, based upon an £85k mortgage + 15% deposit. I didn't hear back that day.

I chased them the following day and was told the vendor was still considering the offer. A bit later, they rang back and said the vendor had asked if we could meet them half way at £105k, which I reiterated we couldn't, £100k was our max bid.

At 5pm that afternoon, the estate agent rang back to say they had accepted the offer, and advised that we had to exchange within 28 days, offer would be advertised, etc.

A few days later, we received 3 letters (all in the same envelope) from the estate agent - two confirming my first two offers, and subsequent rejections, and the third confirming acceptance of our final offer.

So, can't understand why your offer(s) aren't/weren't passed on - but as above, if you believe something underhand is going on, put something to them formally in writing.

I have put my offer in writing but till now i didnt receive any letter confirming that my offer was rejected...like they never exist..i just have enough this ea!!!!I have started bid up since the public notice was release and each time i have heard that my offer was not accepted.last week i gave 7000 more than the current offer from the person who they acting and they said that they pass this offer after 2 weeks and for now is not accepted!!!!!!! so its silly that they doesnt want to more money for repo!expecialy that he just start doing searches etc so i could easily catch him with the mortgage etc and in the end of the day exchange the contract in the same time like he will , and vendor would finish this road with more money...but unfortunetly they thinking in different way..

mario75

in sales statement in hip like a seller is ... MORTGAGE COMPANY not countrywide so why ea pass offer to the countrywide and then they decide which offer and when they passing to the seller...

morgage capacity : mortgagee possession

johnson293

mario75 wrote: »

in sales statement in hip like a seller is ... MORTGAGE COMPANY not countrywide so why ea pass offer to the countrywide and then they decide which offer and when they passing to the seller...

Because Countrywide are probably acting on behalf of the Mortgage Lender, in the same way as a company called 'AMG' were doing all the negotiations and contract stuff on behalf of Abbey when I bought mine.

What I mean is, while the mortgage company (Abbey for example) may be listed as the 'Seller', once a mortgagee falls behind and a property is repossessed, then perhaps they pass it over to a company who deal specifically in repossession of property, who then deal with it and sell it, while trying to maximise the debt recovery for the lender - so the mortgage lender is never directly involved in the repossession and subsequent selling - that is all done by the 3rd party, such as AMG in my case or in your case 'Countrywide'.

I'm guessing, to an extent - i'm sure there are others more knowledgabelt who can add more info.

dal99boy

im trying to buy repo flat has taken 6 months so far has been took off market, am waiting for paper work from land regestry because it showed wrong plot number. think am just unlucky? but first deds did get sorted in 2 weeks and completion should have been 4 monthes and 3 weeks ago.