exiges Posted April 18, 2011 Share Posted April 18, 2011 (edited) There's a property for sale near me which looks like great value. It's a repossession and the EA has advertised it with the usual "we have received an offer of X, those wishing to offer more please contact us" Oddly unlike other ads like this there's no deadline that competing offers should be put in by. When I called the EA they told me "the offer we have may be accepted today or tomorrow, we don't know" and went on to say they were too busy to arrange a viewing today or tomorrow.. I smell a rat. I've pulled up the Land Registry info and the mortgage is with Northern Rock.. should I contact Northern Rock directly ? If so, how, where ? I can't find any department that would be relevant. Edited April 18, 2011 by exiges Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted April 18, 2011 Share Posted April 18, 2011 There's a property for sale near me which looks like great value. It's a repossession and the EA has advertised it with the usual "we have received an offer of X, those wishing to offer more please contact us" Oddly unlike other ads like this there's no deadline that competing offers should be put in by. When I called the EA they told me "the offer we have may be accepted today or tomorrow, we don't know" and went on to say they were too busy to arrange a viewing today or tomorrow.. I smell a rat. I've pulled up the Land Registry info and the mortgage is with Northern Rock.. should I contact Northern Rock directly ? If so, how, where ? I can't find any department that would be relevant. I am not a lawyer, but if they are blocking new viewings they are potentially blocking better offers, and therefore defrauding the vendor, right? I think this is fraud, or theft? Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 18, 2011 Share Posted April 18, 2011 (edited) Sounds dodgy. If you really interested in it go and see it yourself. Then set a fgure, put your offer in writing and hand deliver to the agent. Then ask for a viewing to measure up. You can always pull out. By the loksof things you are going to have to move very quickly though before a sale gets done under the table. Edited April 18, 2011 by OnlyMe Quote Link to comment Share on other sites More sharing options...
neil324 Posted April 18, 2011 Share Posted April 18, 2011 (edited) Viewed plenty of repo's, sometimes the agent can play hard ball and try and put you off, so helping the existing sale proceed. By law they have to let you view the property, but when is another matter. Also your offer might be accepted today or tomorrow sounds reasonable to me, why would expect any sooner. You have until exchange of contracts to submit any offers. So take a chill pill. Edited April 18, 2011 by neil324 Quote Link to comment Share on other sites More sharing options...
SarahBell Posted April 18, 2011 Share Posted April 18, 2011 If you don't buy it then get the land reg info after it's sold to see who did and for how much. If you put a letter in writing requesting a viewing now then keep a copy. You can always report them to their governing body at some point later? Quote Link to comment Share on other sites More sharing options...
Pent Up Posted April 18, 2011 Share Posted April 18, 2011 Is the current offer very low? Could be that someone at the EA has made the offer and they are now ensuring that they vet it for themselves. Quote Link to comment Share on other sites More sharing options...
RufflesTheGuineaPig Posted April 18, 2011 Share Posted April 18, 2011 If you don't buy it then get the land reg info after it's sold to see who did and for how much. If you put a letter in writing requesting a viewing now then keep a copy. You can always report them to their governing body at some point later? Or check the land reg data to find the previous owner and le them know they've been screwed over to they can sue the EA to buggary. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted April 18, 2011 Share Posted April 18, 2011 I have had the same problem goes like this Phoned EA the day it was listed on RM to arrange a viewing was told we have no keys,[ waiting for the bank] phoned four times over the week and fobbed of with different excuse`s Ten days after the list date on RM it was delis ted and also disappeared form there shop ,drove past said place to see SSTC sign on it I went to the EA and asked what the score was and why I had been denied the opportunity to view and I would like to make a offer,all I got was sheepish looks and you will have to come back when the manager is here The thing that pi$$ed me of most was the offer they had was forty five pound over the [we are looking for offer`s over £x`s] Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted April 18, 2011 Share Posted April 18, 2011 There's a property for sale near me which looks like great value. It's a repossession and the EA has advertised it with the usual "we have received an offer of X, those wishing to offer more please contact us" Hi Exiges, is this in Northants area ? I tried to view a place with an agent in Northampton, what looks like a repo or at least and empty house and they've put me off 3 times now. The countess tried too...not wanting to let her view. Same excuse, they have an offer, still in negotiation blah blah blah. Looks to me like a developer is after it, big chunk of land with it, and they will buy once they get the nod that they can build on it. I'm very annoyed as it would make a great family home. I wouldn't trust any estate agent as far as I can throw them. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted April 18, 2011 Share Posted April 18, 2011 Anecdotally, I've heard (first hand) from an ex-colleague who could get 'first refusal' on auction properties, prior to them being listed in the catalogue. It's just another way the system screws you. He probably punted it to a friend of the manager. No harm in writing to Northern Rock to detail your concerns! Quote Link to comment Share on other sites More sharing options...
SarahBell Posted April 18, 2011 Share Posted April 18, 2011 Perhaps take details to the local MP too - it's our banks they're defrauding! Quote Link to comment Share on other sites More sharing options...
long time lurking Posted April 18, 2011 Share Posted April 18, 2011 There's a property for sale near me which looks like great value. It's a repossession and the EA has advertised it with the usual "we have received an offer of X, those wishing to offer more please contact us" Oddly unlike other ads like this there's no deadline that competing offers should be put in by. When I called the EA they told me "the offer we have may be accepted today or tomorrow, we don't know" and went on to say they were too busy to arrange a viewing today or tomorrow.. I smell a rat. I've pulled up the Land Registry info and the mortgage is with Northern Rock.. should I contact Northern Rock directly ? If so, how, where ? I can't find any department that would be relevant. I would be interested to know if you get anywhere with the going direct to the bank route Quote Link to comment Share on other sites More sharing options...
Pent Up Posted April 18, 2011 Share Posted April 18, 2011 I believe dodgy loans and assets are transferred to NRAM (northern rock asset management) I think it is their 'bad' bank. So it might be worth trying to contact NRAM rather than Northern Rock. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 18, 2011 Share Posted April 18, 2011 The only way to get round these situations and turn it to your advantage is to sling in a formal offer. There is still a get out for the agents if they "assess" that you are unable to complete - repos need quick turnaround - so to get round that one give them no opportunity to play that card. You nee to point out in the offer that your are proceedable and have cash ready for purchase. If the agent has a formal, proceedable (without retriction) purchase offer on their desk they will have to be pretty ballsy to pass up the offer. Lots of suing potenital and digging them into the shit later - the opportunity is gone once it has sold and all you will get in return is the satisfaction of causing them a litttle bit of grie in most circumtances if they palm you off with "we can't do a viewing today" guff. Quote Link to comment Share on other sites More sharing options...
wealthy Posted April 18, 2011 Share Posted April 18, 2011 I am not a lawyer, but if they are blocking new viewings they are potentially blocking better offers, and therefore defrauding the vendor, right? I think this is fraud, or theft? It appears to be par for the course right now. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted April 18, 2011 Share Posted April 18, 2011 The only way to get round these situations and turn it to your advantage is to sling in a formal offer. There is still a get out for the agents if they "assess" that you are unable to complete - repos need quick turnaround - so to get round that one give them no opportunity to play that card. You nee to point out in the offer that your are proceedable and have cash ready for purchase. If the agent has a formal, proceedable (without retriction) purchase offer on their desk they will have to be pretty ballsy to pass up the offer. Lots of suing potenital and digging them into the shit later - the opportunity is gone once it has sold and all you will get in return is the satisfaction of causing them a litttle bit of grie in most circumtances if they palm you off with "we can't do a viewing today" guff. Sounds like a good plan. Make the formal offer then say you need to 'measure up' as someone else said. Then after that If it turns out you don't like it just withdraw the offer due to personal circumstances, job loss, hamster died etc.. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 18, 2011 Share Posted April 18, 2011 It appears to be par for the course right now. I don't think there has been a time when it never hasn't gone on. You have to be quick, proactive and decisive. Play them at their own game and don't let the shits win. Quote Link to comment Share on other sites More sharing options...
pezo Posted April 18, 2011 Share Posted April 18, 2011 Something I have seen recently is an EA putting their own house on the market at 20% above similar houses in the same area. Then when all the local houses have been sold it disappears and the EA is still living there. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted April 18, 2011 Share Posted April 18, 2011 The only way to get round these situations and turn it to your advantage is to sling in a formal offer. There is still a get out for the agents if they "assess" that you are unable to complete - repos need quick turnaround - so to get round that one give them no opportunity to play that card. You nee to point out in the offer that your are proceedable and have cash ready for purchase. If the agent has a formal, proceedable (without retriction) purchase offer on their desk they will have to be pretty ballsy to pass up the offer. Lots of suing potenital and digging them into the shit later - the opportunity is gone once it has sold and all you will get in return is the satisfaction of causing them a litttle bit of grie in most circumtances if they palm you off with "we can't do a viewing today" guff. Done that the property was advertised as cash sale only , as it was in a very rundown condition {been gutted ready for refitting no stairs and internal walls missing according to the add} was told the sale was agreed I questioned the fact that it was a repo and thought they had to try and achieve the best price with no avail, the place was only advertised for just over a week and then disappeared of all listings Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 18, 2011 Share Posted April 18, 2011 Done that the property was advertised as cash sale only , as it was in a very rundown condition {been gutted ready for refitting no stairs and internal walls missing according to the add} was told the sale was agreed I questioned the fact that it was a repo and thought they had to try and achieve the best price with no avail, the place was only advertised for just over a week and then disappeared of all listings Care to expand - did you walk in and hand over a formal offer snd they refused it whilst the properoty wsas still being advertised (or only just advertised) or did they manage to palm you off? Quote Link to comment Share on other sites More sharing options...
bergkamp N4 Posted April 18, 2011 Share Posted April 18, 2011 OP ask yourself a question do you want this property to live at the price advertised or maybe a wee bit over. If the answer is no then dont worry about what the EA is up to. They will get away with dodgy dealings 19 times out of twenty but they will come unstuck eventually due to greediness and stupidity. If your answer is yes then wade in make your offer as attractive as possible. If they make it hard for you to intially view phone the office mid morning , lunchtime, afternoon and just b4 close of business till they relent and let you view. They will relent and give you a viewing just to get rid of you. I Quote Link to comment Share on other sites More sharing options...
exiges Posted April 18, 2011 Author Share Posted April 18, 2011 (edited) Hi Exiges, is this in Northants area ? Hiya, It's on the Northants/Warwickshire border. Update.. I called Northern Rock, who put me through to several departments before telling me they've oursourced the sale of the property through a company called Centricity. I called Centricity and after being bounced around a few more people I ended up with the person handling the case who confirmed an offer had been accepted, contracts had been sent out but not exchanged, but rather than today/tomorrow I had until end of play on Thursday to make an offer, but have to have proof of funds for the EA/Centricity, which is fine.. and they will kick my agents ass if they're playing it slowly. She asked what kind of offer I was likely to make, which I gave her, she put me on hold to contact Northern Rock who came back and said such an offer would be accepted (no point bidding 1p over the previous offer etc) Edited April 18, 2011 by exiges Quote Link to comment Share on other sites More sharing options...
ManorHouseOwner Posted April 18, 2011 Share Posted April 18, 2011 Sounds like a good plan. Make the formal offer then say you need to 'measure up' as someone else said. Then after that If it turns out you don't like it just withdraw the offer due to personal circumstances, job loss, hamster died etc.. mortgage companies want it sold quick, and want the loan repaid. any excess goes to the defaulter so the client charges the agent with getting a quick sale, not to get the last x bit of pound from it. the agent is responding to what the client wants. estate agents are typically poor overworked youngsters on £14,000 a year despised by all parties, not crooks. when a house is for sale below full value the world wants it. you can sell it down the high street. "this house is £10,000 undervalue, everybody would be after it". teets walking off the street salivating because its cheap are not getting anyone excited. all agents want is to sell the house to somebody that wont yank their chain and do odious behaviour like that stated above, and please their client. in recession times mortgage companies that actually want quick conclusions are priceless clients compared to homeowners desparate for best price. its why they sell it to someone that has done it before and doesnt mess them around, than people that walk in, complain on internet forums, and take advice from morons that say bid and then walk away. because they have seen that type 1000s of times and smell the stench on them. it is not crooked, it is business. Quote Link to comment Share on other sites More sharing options...
exiges Posted April 18, 2011 Author Share Posted April 18, 2011 mortgage companies want it sold quick, and want the loan repaid. any excess goes to the defaulter Highly unlikely in this event, the house is up for £20k less than the mortgage amount and defaulted pretty much immediately. Not just that, there are various other Charges on the property too. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted April 18, 2011 Share Posted April 18, 2011 (edited) mortgage companies want it sold quick, and want the loan repaid. any excess goes to the defaulter so the client charges the agent with getting a quick sale, not to get the last x bit of pound from it. the agent is responding to what the client wants. estate agents are typically poor overworked youngsters on £14,000 a year despised by all parties, not crooks. when a house is for sale below full value the world wants it. you can sell it down the high street. "this house is £10,000 undervalue, everybody would be after it". teets walking off the street salivating because its cheap are not getting anyone excited. all agents want is to sell the house to somebody that wont yank their chain and do odious behaviour like that stated above, and please their client. in recession times mortgage companies that actually want quick conclusions are priceless clients compared to homeowners desparate for best price. its why they sell it to someone that has done it before and doesnt mess them around, than people that walk in, complain on internet forums, and take advice from morons that say bid and then walk away. because they have seen that type 1000s of times and smell the stench on them. it is not crooked, it is business. Pure ********. You advertise a place, ask for offers that is what you do - you do not close ranks and shut out potenital buyers. Any penny less that the highest achieveable is another penny on the taxpayer bill in this case. Edited April 18, 2011 by OnlyMe Quote Link to comment Share on other sites More sharing options...
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