Repossesion sold for less than our offer after being told we'd been guzumped?!

Okydoky25

Last year we put in an offer on a repossession. It had been on the market some time but we loved it and offered full asking of £125k. mortgage offer in place.

We then got told there had been another offer on the property but not what so offered £130k. We were told same as other buyer so went to £132k. We were told the bank had gone for the other buyers as they were in a better position than us so assumed cash buyers as we were 1st time buyers. We couldn't go any higher.

Out of interest I've just googled it and found it sold for £125k. How did this happen? My only thinking is the EA was getting a back hander any other ideas and is there anything I can do even if it's report this EA?

hazyjo

Might not have been cash buyers, maybe they just had a very large deposit, or they were investors who the EAs thought would be a better bet.

Valuer might well have dropped the valuation to £125k cos of the SD threshold, or the buyer may have gazundered at the last minute. Not unheard of with investors!

Jx

kingstreet

Perhaps it was downvalued and that's all the surveyor thought it was worth?

How do you know it sold for £125k? Repo sales figures aren't published by the LandReg.

witchy1066

this also happened to us , we put in an offer , told someone had offered a lot higher , we were not prepared to go higher so walked away,

just recently we bumped into the buyer of the property and she said how surprised she had been that her offer was accepted as she had been told ours had been higher, who knows what goes on

also to be considered, the price offered and accepted isn't always what is actually paid for a property , it could have had a bad survey report and the sellers had to reduce it accordingly,

walk away and move on,

G_M

I don't understand where you got the sale figure from?

There is only one guaranteed reliable source: the Land Legistry.

The LR do not publish sale figures for repos!

moromir

Repos usually want you to complete in 28 days, this is pretty tight if you have a mortgage requirement.

£132 with mortgage vs £125 cash, I'd take the cash offer every time.

I'm not sure why you think something backhanded has gone on?

somethingcorporate

Survey could have found some issues that needed attention so £125k may have been the right price once these were taken into account.

claireyrosey

I put an offer in on a property which the local council compulsory purchased. It was sealed bids organised by a local estate agent. We didn't get the property but we were told we were the 2nd highest bidder and that the highest bidder won the property. When I viewed the land registry sold prices, the house sold for £125k which was 10s of thousands below our offer. I called the council & estate agents who both confirmed the house sold for a higher figure. Someone at the council looked in to it and I was told it looked like a stamp duty fiddle. That the vendor completes the form for the land registry and that form it what's taken for amount of stamp duty due.

kingstreet

claireyrosey wrote: »

I was told it looked like a stamp duty fiddle. That the vendor completes the form for the land registry and that form it what's taken for amount of stamp duty due.

No. It's the purchaser, not the vendor. And only if they pay cash.

G_M

claireyrosey wrote: »

..... Someone at the council looked in to it and I was told it looked like a stamp duty fiddle. That the vendor completes the form for the land registry and that form it what's taken for amount of stamp duty due.

If you think the purchaser has fiddled the SDLT, you have a duty to:

http://www.hmrc.gov.uk/reportingfraud/online.htm

Mary_Hartnell

I sold a house and the figure that appeared several months later on the Land Registry was 50k less than what was actually paid by the purchaser.

As a seller I was not bothered, as the error was most likely a typo as 2 figures had been transposed. 3% of £50k is £1,500, perhaps someone needs to employ clerks with more attention to detail.