Repossession vendor holding things up

Gritton

hi I'm new to this. We are in the process of trying to buy a repossessed property. We have been through a bidding war ( we were first bidder) and at moment are highest offer. All searches have been done our solicitor is ready to exchange and we have been since last Friday. However the EA acting for the vendor is delaying sending his stuff through to the vendor he then lies and tells us he's done things. The latest and I believe last thing needed is the vendor wants a paper copy of the final notice before they will exchange. Our EA told me yesterday that he had posted this to the vendor last week and then today said he was doing it today. However we are fast approaching the end of our 28 days and my main question is will they end the sale if we hit the deadline even though the hold ups are entirely their fault. Any advice appreciate. Also is their anybody we can report this to to help. Thank you

G_M

What has all this got to do with the EA?

Surley you (or your conveyancer) are dealing with the vendor's conveyancer?

If the vendor want a copy of the 'final notice' (newspaper notice of the sale?), why not send it yourself?

When the 28 days are up, nothing happens. The vendor will sell to whoever is in the best position and/or offers the best price. that applies on day 27, and on day 29.

report? There is nothing to report.

Till Exchange, either party can withdraw.

Gritton

We were not told that the solicitor needed a copy if the newspaper until today the EA has told us that everything had to be done through them. The Ea originally was not putting our offers in and was going to the othe r party and telling them what we had offered and the latest setback was EA telling us he had done everything it was a matter of waiting to exchange it was on,y today he has admitted to not sending final notice. And regRding the 28 days we were told with it being a repossession that there was a deadline to complete of 28 days that is why I asked if they will still complete the sale. We are ftb and EA have not helped and will not explain procedures to us

G_M

Are you using a conveyancer, or doing the conveyancing yourself?

If DIY - stop! You clearly do not know enough to do so.

If using a conveyancer, they should be dealing with the seller's conveyancer (and I can guarantee they have emplyed one!).

So the timing of Exchange, and all the paperwork/requirements required for Exchange to take place, is a matter for them to sort out between them (and advise their respective clients ie you and the seller).

The EA is just an added complication who is best ignored.

Yes of course they will still Complete with you after 28 days, unless a better offer come along. Why should they throw away a perfectly good buyer for the sake of a day or two? They want to get shot of the property and get their hands on the cash.

The '28 days' is just a way to try to get things to move fast - that's how desperate they are!

Gritton

We have a solicitor and have had all surveys etc done were not trying to do this ourselves. The vendor refuses to talk to use directly we HAVE to go through the EA. Our solicitor is dealing with their solicitor but all paperwork has to go through the vendor and our EA will not tell us about anything that we need to do he is a nightmare. Thanks for the reassurance regarding the 28 days. Sorry for the questions but do you know if the final notice has to have the final bid amount as property has been advertised several times with public notice but the amount is lower than the price we are paying thank you so much. I have already paid out a lot of money regarding this I know the risks but that was regarding being outbid but this is different this is silly hold ups and things that could have been done to make the process more smooth.

G_M

Please try using some punctuation.

and paragraphs.

My eyes hurt.

AdrianC

Gritton wrote: »

I know the risks but that was regarding being outbid but this is different

With a repo, you are at serious risk of being gazumped RIGHT up until exchange.

this is silly hold ups and things that could have been done to make the process more smooth.

The vendor's interest is not in smoothness. The vendor's sole interest is in getting the absolute maximum they can for the property, and they need to be able to prove that should their ex-borrower complain. Remember, if the vendor is owed £100k, and the property only fetches £80k, the ex-borrower is still liable for £20k.

Alarae

I actually work in asset management (fancy term for marketing repossessions for the banks).

One of my Clients requires paper public notices as you mentioned and before we can authorise exchange we need a copy on file (as well as other sale documentation). This needs to have 'expired' or basically run for 7 full days Or we can't let exchange go through. It's essentially a process which shows the borrower that we have marketed the property fully and the highest offer has been achieved (as people would have seen the current bid).

You won't lose the property if you don't meet the deadline. They will allow you an extension if you are in a position to exchange but one minor thing is holding it up. If it is a major thing we often withdraw contracts with a view to reinstate once ready.

Count yourself lucky you get 28 days; we only give 21 as a deadline for mortgage purchasers, even less for cash!