Help! Are Taylors fobbing us off?!

natalie_86

Hi, i'd be really grateful for any feedback!

On saturday me and my boyfriend put an offer in on a house with Taylors, this morning we got a phone call from them saying that we needed to come in and meet with one of there financial consultants to check our finances?
We told them that we have already got a mortgage sorted, assumimg that was what they were after, they then said they needed to speak to our mortgage advisor because they didn't know whether we could afford the property and needed proof?!
Anyway we got our mortgage advisor to ring them and everything seem to be fine until we got another phone call saying that somoone else had put in an offer but still stood a good chance of getting it and would we like to put in a best offer bid, baring in mind our first offer had still not been accepted or rejected we raised our offer to our 'best offer'.
We were then phoned back and told the other couple had got the property, we were told they had put in a higher offer they did not ask if we would like to put in another offer so we told them we would like to put in another offer £500 over the asking price... they phoned us back again asking if we had a deposit we told them 3k maybe more, we were then phoned back again and told the other couple had a bigger deposit and they had still got it.
As the house we were trying to buy was a reposessed house it has to through the mortgage company, if we ask Taylors for the vendors details, by right do they have to give them to us?
Something seems a bit funny?!!

Sorry for the essay but we are not very happy...:mad:

matto

Why would you think there is something funny?

You can't have two people buying the same house. The EA have chosen the people who apparently made the higher best offer and who have a larger deposit (which may become an issue if the mortgage company value the house below its asking price).

As its a repo and there are certain procedures the EA will have to follow you could consider putting another offer to the EA in writing.

Doozergirl

It doesn't sound particularly odd. Mortgage companies will look preferably at cash buyers or big deposits.

They do have to deal properly with repossessions therefore they must send you a 'notification of offer' letter in the post, which, if I remember correctly, does contain some details of the vendor.

silvercar

If you really think the estate agents are acting untoward you could contact the mortgage lender in repossession. For £3 you could download the deeds online; this will tell you the name of the lender.

TBH I doubt estate agents would mess around with a repossession, there are strict guidelines that have to be followed. If you are going to do dodgy deals its probably easier to hoodwick 80 year olds who bought their property for £3,000 and can't believe the price they will get for it.

natalie_86

In the end we had put in the higher offer but they refused to take it and we also said we could put down a 3k deposit at the least and they weren't interested?

They weren't cash buyers they jus had a bigger deposit, which i don't see why that would make any difference, in the end its all money no matter where it comes from?!

Hmmm jus feels a bit strange i spose!:o

Thank you for your help!

matto

You lost out because your best offer was not your best offer and the other buyers best offer was better.

newish2this

Personally, if I were you, unless you can complete immediately, don't bother looking at repossesion properties.
By law, the mortgage company has to get the best price in the fastest time...that doesn't sound unreasonable as they have to act in the best iterest of their clients (the debtors)also.
HOWEVER, once they accept your offer, the estate agents have to put the price you have offered into the local paper/magazine announcing your offer.....anybody can then come along and then make a better offer (remember builders/developers are often cash buyers).
Basically, the house is marketed until the exchange of contracts has taken place. By this stage, you've already started shelling out for a solicitor/survey!!!
I have had personal experience of this and I would definately advise any first time buyer to stay away from this type of dealing!!

MissMotivation

natalie_86 wrote: »

Hi, i'd be really grateful for any feedback!

On saturday me and my boyfriend put an offer in on a house with Taylors, this morning we got a phone call from them saying that we needed to come in and meet with one of there financial consultants to check our finances?
We told them that we have already got a mortgage sorted, assumimg that was what they were after, they then said they needed to speak to our mortgage advisor because they didn't know whether we could afford the property and needed proof?!
Anyway we got our mortgage advisor to ring them and everything seem to be fine until we got another phone call saying that somoone else had put in an offer but still stood a good chance of getting it and would we like to put in a best offer bid, baring in mind our first offer had still not been accepted or rejected we raised our offer to our 'best offer'.
We were then phoned back and told the other couple had got the property, we were told they had put in a higher offer they did not ask if we would like to put in another offer so we told them we would like to put in another offer £500 over the asking price... they phoned us back again asking if we had a deposit we told them 3k maybe more, we were then phoned back again and told the other couple had a bigger deposit and they had still got it.
As the house we were trying to buy was a reposessed house it has to through the mortgage company, if we ask Taylors for the vendors details, by right do they have to give them to us?
Something seems a bit funny?!!

Sorry for the essay but we are not very happy...:mad:

How are they fobbing you off?? You made an offer which wasn't high enough, another person also made an offer, you were asked for your best and final offer, which you apparantly put forward, it was declined.....and you then decide you can offer more? :rotfl:

A vendor is always advised to accept an offer from someone with a larger deposit as there is less risk!

You lost out......you are p*****d off.........Taylors have done nothing wrong (as much as I hate to admit it lol) Why would contacting the lender direct change the outcome?

My advice FWIW....move on and use your energy to find something else.

Doozergirl

newish2this wrote: »

HOWEVER, once they accept your offer, the estate agents have to put the price you have offered into the local paper/magazine announcing your offer.....anybody can then come along and then make a better offer (remember builders/developers are often cash buyers).

When they are advertised with an agent, they always seem to be marketed at their full market value. Builders/developers aren't really interested. A genuine homebuyer will always be able to outbid a developer anyway.

If you manage to knock them down considerably then you run the risk of being outbid, but the gamble is that you stand to gain far more than you have spent on solicitors fees.

Doozergirl

You can go back and offer again. That is the nature of repossessions. Even though they appear to have accepted the other offer, they have to continue marketing as newish2this has explained. So you can continue to offer!

natalie_86

Sorry its me again!:o

Hi Doozergirl, we recieved our notification of offer letters this morning, we have only recieved our first two offers though, we made three?
As its a reposessed house would the vendor always be a company or could it be just one single person? In the letter it just has a man's name?
Sorry to go on!

Thank you!