Buying at Auction. No Local Search and Suspect Vendor...

Skiddaw1

I can't offer any expert advice, but I think it would be wise to be wary. If the house is a 'really nice house in a nice area' why was it sold to a 'we buy any house' company/now up for auction? There has to be a major snag about it surely?

TripleH

Think there was a thread about how they operate on here yesterday(?)

From what I recall, they don't appear to "buy" your house but instead provide you with a guaranteed* amount for your property whilst they find a buyer who will pay more but without taking on any of the legal nasties of house ownership (I understand how they work but it doesn't make sense?). If your solicitorcis happy this company can sell you the house I guess that's what you need to know.

*guaranteed sum but not a fixed amount. Amount can vary subject to what type of finish is required other flashy new high end car 😉

konn1ch1ha

Skiddaw1 said:

I can't offer any expert advice, but I think it would be wise to be wary. If the house is a 'really nice house in a nice area' why was it sold to a 'we buy any house' company/now up for auction? There has to be a major snag about it surely?

Might be slightly exaggerating. It’s a nice house, albeit, in a quiet area. Perhaps the seller wanted to sell it quickly, for whatever reason. 

konn1ch1ha

TripleH said:

Think there was a thread about how they operate on here yesterday(?)

From what I recall, they don't appear to "buy" your house but instead provide you with a guaranteed* amount for your property whilst they find a buyer who will pay more but without taking on any of the legal nasties of house ownership (I understand how they work but it doesn't make sense?). If your solicitorcis happy this company can sell you the house I guess that's what you need to know.

*guaranteed sum but not a fixed amount. Amount can vary subject to what type of finish is required other flashy new high end car 😉

I spoke to the auctioneers and they said the title registry is actually in the process of being updated to the sellers. If the seller can’t sell it to me, then surely I’m unable to buy it from the sellerr? There’s got to be some protection in that surely. 

TripleH

I suspect that they aim to be able to sell it to you by the time you are at the "point of exchange of contracts" (or whatever the auction equivalent is if different).

I don't think your solicitor would permit the transfer of funds to this company (or their solicitors) until they have satisfactory evidence to show they are the party who should creative them.