Is there such a thing as a fake offer

PayDay

hearts wrote: »

If he is a builder then his price is obviously a realistic valuation given that he will also be looking for a profit when work completed.

Do you think that builders don't go bust? They do.

mr.broderick

sniperpenguin wrote: »

!!!!!! - the vendor declined his 98K and he's gone to 100K ... this isnt looking good for me

Vendor must still be living in rocketing house price land, or may have put it up at an honest price (shock!)

Maybe he knows something you don't? Now that would be a surprise to you wouldn't it?;)

nicola1982_2

Sorry to hear it didn't work out. Hopefully you'll find something better soon

Running_Horse

We looked at a repossession a couple of years back, a modern ex council house in a really nice village. It went for near full market price, and it was made clear to us they would not wait for us to sell our place and arrange a mortgage. Such is life.

Dylanwing

In the last crash, I remember the Banks getting a lot of adverse publicity for selling repo property too cheaply. Think of the couple who lost the house, they have £12K less debt because it was sold to a builder rather than yourself.

poppy10_2

hearts wrote: »

If he is a builder then his price is obviously a realistic valuation given that he will also be looking for a profit when work completed.

LOL, have you seen what has happened to the share prices of Britain's leading builders this year?They don't have the best business acumen.

Strapped

Repo's are usually already priced at a discount so I would've been very surprised if you had secured it for less than £100k. Also, your small depsoit will count against you in the ranking of offers by a professional seller (bank). Likewise mortgage vs cash but only if the seller thinks that it will slow the transaction down as they'll be looking for completion in 4 weeks. I expect you already know this if you've been looking at a few repos though.

Re. your original question, yes there is such a thing as "fake offers" but strangely, you're less likely to get them with a repo sale because there is a huge audit trail requirement (offers have to be vetted and presented to the seller in writing, including proof of funds etc) so EAs tend to be more wary about what they say re. repo's. (You are mystery shopped by the repo companies and could lose their business if you misrepresent stuff - which tends to be a bit more serious than potentially losing one property). BTW, you're not even supposed to tell people when a property is a repo, but pointing them in the direction of the notice in the window normally clears it up :rolleyes:

hearts

PayDay wrote: »

Do you think that builders don't go bust? They do.

I know but Im assuming the builder in question knows what he's doing.

Quote:
Originally Posted by hearts
If he is a builder then his price is obviously a realistic valuation given that he will also be looking for a profit when work completed.

LOL, have you seen what has happened to the share prices of Britain's leading builders this year?They don't have the best business acumen.

Buying a flat will be a small outfit looking to make a few grand. Britains leading builders have no relevance. ;-)

iamstacie

Strapped wrote: »

BTW, you're not even supposed to tell people when a property is a repo, but pointing them in the direction of the notice in the window normally clears it up :rolleyes:

I've had a couple of EA's recently tell me the houses I've enquired about are repossesions over the phone without prompting - this one for instance - http://www.rightmove.co.uk/viewdetails-16315309.rsp?pa_n=false&tr_t=buy - although if the state of it didnt give me a clue, the sign in the window might have :rolleyes:

Running_Horse

We found out the one we were interested in was a repossession by walking around the estate and asking local kids why it was empty and what work needed doing, there was no notice in the window.