Estate Agent - Never heard of this before

cats!

The sooner the scummier EA's starve and perish the better off society will be!

poppysarah

You could put an offer in with the mortgage company - and tell them the EA is fobbing people off putting offers in.
The mortgage company want their money and want as much as possible as quick as possible.

It'll be in the HIP who is the seller.

They have to publicise offers on repossessed properties in the paper too.

lynzpower

Are you absolutely certain that this 10k figure is not ( for example) a retaining amount that a lender would want. I sold a property where the lender had a retainer im place in respect of electrical work and roofing at th eproperty. Are you certain that all work that you feel needs to be done is cosmetic?

poppysarah

It'll say in the HIP won't it about special conditions?

Incisor

lynzpower wrote: »

Are you absolutely certain that this 10k figure is not ( for example) a retaining amount that a lender would want. I sold a property where the lender had a retainer im place in respect of electrical work and roofing at th eproperty. Are you certain that all work that you feel needs to be done is cosmetic?

no, that does not stack up. The agent and the seller have no say in what the lender agrees with the buyer.

pickles110564

I rekon that you are just being thrown off the scent, EA & Builder have got together and have given you a story that an offer has been put in.
I bet they will tell that to all interested parties so that in the end they can do a deal with the lender at a very low price.
I would not trust them and would get in touch direct with the lender.

Jorgan_2

Ask when the public notice will appear in the paper, the vast majority of lenders do this, but not all, inviting any other offers to made. Make sure you have put a copy of your offer in writing, recorded delivery, to the EA. You should then be able to compare your offer to the one that has been put forward. You can complain to the lender if your offer is higher.

AMILLIONDOLLARS

Funny that an offer has just come along:rolleyes: , call his bluff and counter-offer, they've got to put both offers forward and just wait for the notice in the paper, this will be an interesting one to watch!!

AMD

jimc_2

Sorry to go against the conspiracy theory, but isn't it just likely that the Estate Agent is CR4P at explaining what they mean?

Nobody 'hands over' a deposit to the EA. I think that what the Agent meant to say was that OP would need to have a decent deposit to get a mortgage nowadays and, in addition, would also need to keep in mind that they would need to set aside about £10K extra for repairs etc. (Assuming that they did not know OP's DIY capabilities.)

They may simply have been checking your 'proceedability' and financial position - Just doing it ineptly!

If you still want to put in a bid, the best advice had already been given by Jorgan; put in an offer in the normal way but check with the repo company that they got it.

guppy

Incisor wrote: »

Find out from the land registry who the owner is right away and if you suspect the agent is not putting your offer forward make contact directly, to let them know that the agent has had an offer.

Contacting the owner won't help it its been repossessed, but details of the mortgagee in posession should be at the land registry too