Comments for Sales and Lettings in Manchester

Comment on Thinking of buying a repossessed property? Read this first! by admin

admin — Mon, 03 Dec 2012 09:24:58 +0000

Asset management companies have a responsibility to get the best offer, so they will always advertise the accepted offer in the hope of attracting a higher bid. This can happen any time before the property exchanges. Think of it as an auction process anyone can come with higher bid until the hammer drops (the property has exchanged).

Comment on Thinking of buying a repossessed property? Read this first! by admin

admin — Mon, 03 Dec 2012 09:23:20 +0000

I’m sorry to hear your experiences. Your agent should have discussed the repossession process with you, especially as you are First Time Buyers. Repossessions usually attract investors/developers for a number of reasons: one, they usually require some remedial work doing, secondly you need to have finance approved and be able to move quickly, thirdly, there is no guarantee you will get the property and you may lose money in survey fees, etc.

Repossessed properties certainly have their attractions, but First Time Buyer should be especially cautious in trying to buy these properties.

Comment on Thinking of buying a repossessed property? Read this first! by Louise p

Louise p — Sun, 02 Dec 2012 11:02:32 +0000

Hey, we are very frustrated, are agent has messes us around from word go, threatened by the mortage adviser at the company if we didn’t go with him we would loose the house, he said “if you come with me, I will get you this house” we happily didn’t as he was not trusted. When we told him this , he was very angry and basically said we will not get the house.
Further on fro this will have been in a bidding war and Friday place put final offer in. The agents says who gets the highest bid will win, as the vender does not want to carry on bidding here.
The vender went with us, which we were happy about, the lady from the agent called and said we need to get things going ASAP now, I said to her what does this mean then. Does this mean the house is ours, she said yes , I said so there is no way anyone can come in an bid on the house then, she said no you got the highest bid you win, she congratulated me.
This must not be fair in the words of the law.
As the house is ofcourse up on the Internet asking people to bid.

I am not happy at all I understand about the houses situation, but they are lying to us , they are very poor and what has made me more angry is, we had no choice but to place our highest bid , so now if someone comes in and bids, that’s it we have lost it.

I wouldn’t go through this again, we are first time
Buyers and it has been hell!

I wanted to hear your advise or views

Abbey

Comment on Thinking of buying a repossessed property? Read this first! by D Stone

D Stone — Thu, 22 Nov 2012 08:10:45 +0000

We have hd an offer on a repossessed house accepted, but on the same day a family member of the original owner turned up at the estate agents wanting to buy the property! The sale is now on hold, can she just do this?

Comment on Thinking of buying a repossessed property? Read this first! by admin

admin — Fri, 07 Sep 2012 11:29:40 +0000

The first aim of any repossessed sale is to achieve the best price on behalf of the repossessed vendor as expediently as possible. The term expediently is important here, as factors such as the position of the buyer are taken into account. For example, if a buyer already has Mortgage Approval and a sizeable deposit, or alternatively does not require a Mortgage then his/her offer maybe preferable, albeit slight lower than another bid, as the sale has less chance of “falling through”. Likewise having a qualified Solicitor in place demonstrates that you are a serious buyer as an experienced and qualified Solicitor is likely to act expediently and overcome any queries that occur during the sale process. Unless you are a fully qualified solicitor with experience in repossessed property sales, we would always recommend using a Solicitor especially in the case of repossessed sales as there are often complications, which if not handled carefully and quickly, will result in you going over the normal 28 days term given for Exchange and potentially losing the sale.

Comment on Thinking of buying a repossessed property? Read this first! by admin

admin — Fri, 07 Sep 2012 11:17:08 +0000

I’m sorry to hear about the difficulties you are having. A notice should always be published of the accepted offer and an invitation given for other offers on the property, this is best practice and is necessary to demonstrate that the bank/building society selling the repossessed property is making all endeavours to get the best price for the asset and there is no foul play. If this has been missed by the agent it’s likely the bank/building society will stop the sale until such time as public notice has been published for 7 days.

Comment on Thinking of buying a repossessed property? Read this first! by admin

admin — Fri, 07 Sep 2012 11:11:27 +0000

When an acceptable offer has been received on a repossessed property, a 7 day notice will appear in the papers/and or online indicating what the current *acceptable* offer is and inviting other offers. At this point the property does not need to be re advertised every time there is an increased offer as this would be impractical. There is no reason the Estate Agent cannot let you know what offer was published in the 7 day notice as this is public knowledge. However, if there has been an increased offer than that advertised in the 7 day notice, the agent is not at liberty to discuss the exact figure of this increased offer.

Comment on Thinking of buying a repossessed property? Read this first! by j carnee

j carnee — Fri, 24 Aug 2012 10:51:08 +0000

HAVE made higest offer….will not sell to me because self-conveyancing……prepared to pay 10%more than existing offer!!!!poor debtor…
is this illegal????

Comment on Thinking of buying a repossessed property? Read this first! by Warren

Warren — Wed, 15 Aug 2012 08:32:21 +0000

I am in the process of buying a repossessed house, we was going to exchange contracts yesterday. But at the last minute the sellers solicitors said that the agents notice period was not served. I have checked through 5 weeks worth of news papers and this notice has not been placed in there.

My question is, is there time limit in which the agent has to put this notice in the papers? We were given 21 days to complete and that’s today, the agents have made this impossible!

Comment on New Heritage Trail in Levenshulme by Steve Frost

Steve Frost — Thu, 09 Aug 2012 10:58:36 +0000

Best of luck with your bid for the Portas Pilot round. Keep us updated with the results

Steve