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Daz

Ea Encouraging Gazumping?

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Hi

I've been keeping an eye on a property that's been on the market in SW london for 3-4 months. At the peak of the bubble it would have gone under offer in a flash,I drove past the other day and it still says "for sale" on the sign - yet it was under offer for a few weeks on rightmove. EA is only a stone’s throw away, so if I was the buyer I would be a bit pissed off that people in the area would assume it’s still for sale.

Here is the property

http://www.rightmove.co.uk/property-for-sale/property-31834778.html

I noticed it duly disappeared from RM last week as it was under offer. I wasn't too surprised to see it available again, I was thinking 'another one bites the dust' but I was shocked to see:

PUBLIC NOTICE. Townends are now in receipt of an offer of the sum of £380,500 for 7 Montrose Avenue, Whitton, TW2 6HA. Anyone wishing to place and offer on this property should contact Townends, 127-129 Percy Road, Whitton, TW2 6HT, 020 8898 5500 before exchange of contracts

Immediately I am thinking - what BS!, if the place has been for sale for 3-4 months why does it have an offer 10k above asking! Especially as its been on for so long and other properties in the area would be a better bet as this place looks like it needs a shed load of work doing to it.

So assuming this offer is genuine and I don't know if this is standard practice, but I am so annoyed for the buyer! I presume this mandate (avarice) has come from the vendor but the EA should remain professional (sorry for the oxymoron) and refuse to put this “public notice up”. I mean is the property for sale or not? if its under offer then take it off the market. If I was the 'buyer' I would immediately tell them to shove the offer where the sun don't shine as I wouldn't be wasting money on a survey etc only to get gazumped! the EA is sanctioning this!

Surely in this market now we have gazundering not EA sanctioned gazumping. I could understand this notice if it was a open bid, auction etc., but not a standard EA advertised property. As if they don't have a bit reputation already... :angry:

Edited by Daz

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PUBLIC NOTICE. Townends are now in receipt of an offer of the sum of £380,500 for 7 Montrose Avenue, Whitton, TW2 6HA. Anyone wishing to place and offer on this property should contact Townends, 127-129 Percy Road, Whitton, TW2 6HT, 020 8898 5500 before exchange of contracts

required for a repossession to ensure best price is achieved for the vendor

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ah ok so its a repo. Very surprised at that because its very shabby looking (needs 'modernisation' as the EA put it) plus its not been on houseprices (goes back to 2000) I guess I don't know their circumstances but I guess people could get repo'ed at any time, just odd that it would happen at least 11 years into mortgage payments..must have had loads of equity.

I stand corrected and apologise to the EA :) but its not sincere :P as they didn't pass on a offer we made on a property (vendor prob set a bar) and changed my price range. Always think this is weird they ask your budget, not what you are looking for.

Edited by Daz

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required for a repossession to ensure best price is achieved for the vendor

reqiured, but can be ignored in my recent experience. Perhaps we should learn to make friends with EAs or at least learn to give a kickback.

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ah ok so its a repo. Very surprised at that because its very shabby looking (needs 'modernisation' as the EA put it) plus its not been on houseprices (goes back to 2000) I guess I don't know their circumstances but I guess people could get repo'ed at any time, just odd that it would happen at least 11 years into mortgage payments..must have had loads of equity.

I stand corrected and apologise to the EA :) but its not sincere :P as they didn't pass on a offer we made on a property (vendor prob set a bar) and changed my price range. Always think this is weird they ask your budget, not what you are looking for.

It doesn't matter how many years you have left on the mortgage the T&C still apply 'your home is at risk...'

There is a repo near us, bought in 1999 for £103K, offer notice for £215K. I've no idea whether they MEW'd to the eyeballs or whether they stuck their head in the sand rather than trying to sell it themselves, incurring a load of extra charges in the process.

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It doesn't matter how many years you have left on the mortgage the T&C still apply 'your home is at risk...'

There is a repo near us, bought in 1999 for £103K, offer notice for £215K. I've no idea whether they MEW'd to the eyeballs or whether they stuck their head in the sand rather than trying to sell it themselves, incurring a load of extra charges in the process.

Cheers guys I'll wind my neck in now :)

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There is a repo near us, bought in 1999 for £103K, offer notice for £215K. I've no idea whether they MEW'd to the eyeballs or whether they stuck their head in the sand rather than trying to sell it themselves, incurring a load of extra charges in the process.

just because the offer is 215k doesn't mean the mortgage has to be 215k or more, I believe.

E.g. the outstanding mortgage could be 50k, but the OO's for whatever reason didn't pay, so the bank repo'd. If the bank sells it for 215k, then the OO's will get the balance after the mortgage has been paid off (+ fees etc).

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just because the offer is 215k doesn't mean the mortgage has to be 215k or more, I believe.

E.g. the outstanding mortgage could be 50k, but the OO's for whatever reason didn't pay, so the bank repo'd. If the bank sells it for 215k, then the OO's will get the balance after the mortgage has been paid off (+ fees etc).

Which is why I said

or... stuck their head in the sand rather than trying to sell it themselves, incurring a load of extra charges in the process

People with plenty of equity, if they make the decision to get it on the market and price for a quick sale, could eventually end up with more money left over than if they pretend it won't happen and the lender takes over.

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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