Re-Dip/Mip

joe134

UPDATE;EA phoned and asked if we wanted to make a phone offer, after she spoke to the Bank,but, over £160k, asking price £165K, something she said wasn,t possible yesterday.But, even if it was accepted, it would still be marketed and if a higher offer was made, we would have a chance to better it::::
GAZZUMP in other words.Don,t like getting to the end, only for them to find a ficticious offer, and we have spent money, so forced to pull out and lose money, or pay extra.Thought gazzumping was ilegal?
She asked thier in house MA to phone today and see if they could assist, (whole of market), which I said he could and thier in house solicitor also, to compare with outside ones.
She said it was normal practice to complete within 28 days when buying a repo.?
Is this true?
I said it was impractical;;
Is it??
Funny to do;;any advice appreciated.
Keen to buy it now, even at asking price.
.

amnblog

Their MA is no doubt charged with identifying how much your grandson can afford to pay top end.

joe134

amnblog wrote: »

Their MA is no doubt charged with identifying how much your grandson can afford to pay top end.

What do you mean by charged?
Isn,t He supposed to act for US, not them, conflict of interest?He,s supposed to be IMA
By looking at my grandsons info, would he inform them he can afford full asking price?
What about other aspects, 28 days No SSTC,etc?

amnblog

What is your best guess of how 'independent' of the EA the in house MA is Joe?

joe134

amnblog wrote: »

What is your best guess of how 'independent' of the EA the in house MA is Joe?

I would like to think if they say they are IMA, they are,no sale no fee, is what she said. BUT, I,m the eternal sceptic, glass half empty..Don,t want to use him, but finding one that,s totaly IMA, feefree, no sale no fee, preferable, whole of market here, local, is proving difficult.especially regarding the 28 day completion.E-mailed one yesterday, no reply;
only searched the web ones, perhaps Yellow pages?
Still looking.
Put offer of £160k in on phone.awaiting reply.
Could you guarantee a 28 day completion for a customer, realistically?
That,s thier stipulation, never bought a repo before.
FD is 8 weeks minimum.after MIP.
I cannot see it,s possible.

amnblog

Joe

28 days unlikely in current market. (but the EA knows that)

You should expect to pay brokers fees on a tricky case like this (not fees free).

Where are you?

amnblog

Regarding FD - 7 days for the dip alone after filing in forms is hardly going to cut it

leccyblue

Hi,
The estate agent should have already advised you of this, but be aware that when buying a repossessed property; not only will the estate agent continue to market it, but they are also required to publish a public notice in your local paper stating the offer you have put in, and inviting higher offers from other interested parties.

This happened to someone I know in 2009. They put in a really low offer on a property (£18k below asking price), which was accepted. Public notice went in the paper, and immediately another offer came in. Presumably other interested parties hadn't considered going that low - and the reposession agent accepted it. They then put in a new offer, this was accepted and they still got the property £10k below asking, and beneath the valuation price, but annoying all the same.

I don't think this is regulated either; in this case the property was being marketed by two estate agents. The 3rd party offer came in via the other estate agent. Who's to say that it was a serious offer from someone in a position to proceed? Fortunately, they were so far down the process that once they had submitted their second offer, they were able to exchange contracts in a matter of days which precluded the 3rd party from re-offering.

joe134

amnblog wrote: »

Joe

28 days unlikely in current market. (but the EA knows that)

You should expect to pay brokers fees on a tricky case like this (not fees free).

Where are you?

Hi amnblog, just spoke to local guy for an hour, who is part of a network,whole of market, and charges £499 at the end, no sale, no fee, + he may get a bit of commission from lender. He is sending his credentials, and recomends , a home visit,10 minutes away, no charge and if Credit check and other criteria come up ok, he says he can get MIP in days, and should be able to complete withing the 28 days, if searches etc are ok,providing there are no other interested parties?
he recomends Birmingham Mids solicitors,but not compulsory I,ve had dealings with investments with them.
Would not commit himself to definite fees,for homebuyers report, solicitors fees, searches etc until he has all Grandsons details.Friday earliest. Sounded genuine guy;
Don,t mind paying the fees, bit steep, but, if he gets the right mortgage and house, it,s worth it.
.
He said he would point out insurance, and sickness payments, but, would not push, just sign a decline form to say we were offered. .Friday earliest. Sounded genuine guy;
Don,t mind paying the fees,

jacobtheamish

Its a requirement of the Estate Agent to keep the property on the market until contracts have been exchanged. The Agent would rather take it off the market once an offer has been accepted, last thing they want is to have to continue paying for marketing and showing the property to others once a purchaser has been found.

Plenty of quality brokers out there who will get a mortgage offer out within 28 days, going direct is in my view the slowest and most costly route.