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scooby7346

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About scooby7346

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    Anything just so long as I am not running with the pack.
  1. Thanks for all the replies. I bought the property but I feel as if I could write a book about it. I had a trusted friend bidding as well and if necessary I could prove that the EAs lied through their collective teeth. Not a nice experience, except for the fact that I have had a bargain.
  2. Thank you for that answer. I am a cash buyer and although I can't tell you why, I want to exchange ASAP. I am a bit of a maverick, having been in business for 40 years, and I tend to be unconventional anyway. I have bought quite a lot of rural property and this one is a cracking deal. I know the area well as I said before. I do know that some lawyers like to make a meal out of searches to string things along a bit but I need action. Can ALL searches be done on-line ? What are the bare minimum searches ?
  3. What should the minimum searches be when buying a rural property ? I do know about Chancel Repair Liability - that's covered. But is it possible to do the bare minimum of searches in a day ? I do know the property well and know there are no motorways, high speed railways, coal mines etc. to screw things up but I want to exchange very quickly. Would anyone ever buy without doing any searches ? Thanks in advance for any suggestions.
  4. Thank you for that Audi tt. The agent's arranged a block viewing yesterday when there were going to be "loads of interested parties". There were two others as well as myself ! Having said that they haven't advertised it anywhere yet and so they have obviously got a list of people who want to buy repo's. I have had one of my lawyers in place for a week now and so he is up to speed. Don't fancy the closed bid scenario at all. Been there - done that ! Still deciding about a bid.
  5. You are certainly giving me comprehensive advice, thanks again. I just get the feeling that the EA (a National chain) are going to play it by the book as far as making a recomendation to the two mortgagees (one a well known clearing bank, the other a subsidiary of a well known clearing bank). The EA has made great play on the fact that they have to abide by a set of rules and are inspected regularly to see that they are complying with them. Do you think it is a good idea to put a deadline on any offer that I may make ? Otherwise the EA and the Mortgagees have all the trump cards. They will be shown concrete evidence that I have the ready funds to complete and if I stipulated that the bid is valid for X days then surely that will make them think about whether they are going to lose my bid or take it ?
  6. What you have written makes a lot of sense. Thank you for that. The EA has told me that they will make a recommendation to the banks (there are two involved) and that cash is king. The property was sold in 2006 and the suggested price now is approximately 2/3rds of the purchase price that was paid at that time. Maybe that's all the banks are in for and as long as they can get their money back then that's all they are interested in. You mention about being being beaten in sealed bids. The only time I purchased with a sealed bid the bids were opened at a particular hour and the winner was the new owner. Are you saying that even with sealed bids that the EA can go back to bidders to get better bids even after the deadline has passed and all bids have been opened ? This is putting me at a distinct disadvantage and I like to be in control a bit more than that. If I make a bid is it sensible to put a time limit on it ? i.e. "This is my bid but it expires X days from now and so if you want to sell it definitely to a cash buyer close the book and let's do it" I have been asked to prove my liquidity which isn't a problem.
  7. Thank you for the reply. It has been confirmed that the agent is advertising on the Internet and one advertisement in a local paper. I haven't asked if any bids are going to be advertised in order to attract higher bids. But I have stipulated that I do not want to get into a bidding war and the agent has assured me that they don't want that either. I'm not really happy going to sealed bids having done that before but it may well happen. I have been told by the EA that they want my bid because I am a cash buyer, they want me to buy it blah di blah, but if I put a bid in early it will then be used as a stick to beat other bidders with ?
  8. Can anyone help with advice over a re-possessed property please ? I am about to place a bid on a repo. I know the property quite well and I have been following it for 6 months (last owner did a runner and it's been empty since then). I have been given a "guide" price on the property which, IMHO, is way below market value. But there is only going to be one viewing with all interested parties there. Without giving too much away it is an unusal rural property. I am a cash buyer. I have been told that cash buyers are preferred but my problem is how to pitch the bid. The guide price ? A little above ? A lot above ? I am quite experienced at buying such rural properties but never bought a repo. before. Is there anything to be wary of that doesn't happen with auctions or private sales ? Thanks for any help received.
  9. Thank you very much Audi TT for your response. That was really helpful. I have already got the details from the Land Registry, I know the last owners name, also his company name, and who the 1st charge is with (NR incidentally !!) but didn't know anything about the Insolvency Register. . I will get cracking on that tomorrow. So it is the Official Receiver that that I should be dealing with initially then, rather than Northern Rock ? Thanks again. I'll keep you posted.
  10. I searched for an answer elsewhere on this Forum but couldn't find what I was looking for. I know of a nice rural property, with land, that I would like to buy. I am a cash buyer. The property became empty Autumn 2009. It had been purchased by some kind of builder who had other properties but when the downturn happened he came unstuck and did a runner. I have bought the info. from the LR that tells me that there are three charges on the property. The place is still empty after 9-10 months and has suffered frozen pipe damage internally. Because the place is unoccupied there must be an element of risk with the place (squatters, more deterioration, etc) and yet the place remains dormant. I have contacted two of the mortgagees to see what is going to happen with the place and they wouldn't or couldn't help. My questions are : How do I find out if a property has actually been re-possessed ? Why haven't the mortgagees realised their assets by now ? Does having three different lenders (two are banks) complicate the issue ? What else can I do to stop myself from getting continually frustrated at not finding it for sale ? This is a serious enquiry and I will be very appreciative for any help and/or guidance. Thank you.
  11. One independent EA has 49 properties around here (Midlands) at over a £1M. 11 over £2M He is known for ramping up the prices and it's interesting how some EAs are doing this and some aren't. If the Coalition plans come to fruition there will be another collapse. Jack up interest rates now and the market would die overnight. Things are very fickle. I am also looking for a £750k + rural property and there are people out there who are buying them. There is money about but for how long ?
  12. Absolutely sound advice. There are many pitfalls for the unwary and that includes lawyers AND estate agents if they are dealing with land and don't know their subject thoroughly. I have spoken to 2 EAs in the last 6 months about 2 properties with an AOC attached to them and in each case they didn't even know that they were attached and then they didn't know what they were. Totally out of their depth. Not a subject to be frightened about but "Buy Brains" is the best advice I can give.
  13. My advice. Never buy land without the benefit of a solicitor who deals in that type of transaction. Buying land can have many more pitfalls than a normal property purchase. Boundaries, clawbacks, Chancel Repair Liability, restrictive covenants are all things that need extra investigation when buying land. Not to mention Wayleaves, Rights of Way, etc. Most land has Entitlements under the RPA and you need to get hold of those if you can.
  14. Negotiation skills are paramount when buying or selling anything. But just one point about all this business of putting in offers. By putting in an offer you are letting your drawbridge down ever so slightly. You are, as one of my lawyers says, "in an exposed position" You need to maintain your best position if at all possible. Good military strategists always use high ground. I ALWAYS put a time limit on offers that I put in. No more than 14 days, and I explain to the EA that after that period the offer is withdrawn automatically. Most of the time you will get a yes or a no. But it concentrates the mind of the EA and the vendor. If you are near the mark both will have to think long and hard. Don't forget that the EA wants the commission to keep rolling in. They need to sell as well as the vendor. And I don't care what anyone says, it is impossible to value any property to within 10%. In fact I don't think there is any such thing as "the value of a property" . If the vendor wants to sell it badly enough or the buyer wants to buy it badly enough then there is a deal to be done. Oh, and one other thing. My honest opinion is that probably 80% of EAs are cretins. This is a general figure and is probably nearer to 95 % for the urban type of agent and probably 60%ish for the expensive rural type of property agent.
  15. This is all good advice although to be honest if you started lifting my manhole covers during a viewing and asking me to flush loos I might start to think that you were one of those annoying tyre kickers. I buy things off people rather than what they are selling. Difficult to explain, and it does come with experience, but if the vendors are right then usually that's a good start. But one thing that no one has mentioned is local authority planning sites. Most Planning Depts. have reasonable web sites now that can be searched via post code/street name. Have a look at what has been applied for in the past with the property (have they used the 30% rule all up) And see what the neighbours have applied for. This is an absolute must-do if it's a rural property.
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