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rockinrev

Winning Bid 28 Days To Pay?

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I have won a reposesion bid and have 28 days to pay and im about to get conveyancing done.

1. when does the[] 28 days ]the bank states to complete start .from ?

is it upon me winning the bid?

2. after the seven days after my bid they advertise it

what if it has not been completed by conveyance within these 28 days ?

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well maybe but I am at were I am so criticism won`t help or change the situation .

some information on how banks work with this would help and how lenient or not they are from anyone with past experience would be more helpful than criticism!!

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well maybe but I am at were I am so criticism won`t help or change the situation .

some information on how banks work with this would help and how lenient or not they are from anyone with past experience would be more helpful than criticism!!

Yes, you're right - it is what it is.

Read the contract terms. Simple as. Amazing how many people fail to see this as the starting point in their dealings.

Then google relevant terms - "financial services ombudsman" "repo auction" "28 days" - or standard terms you see in the contract. Amazing how many people don't recognise the availability of information.

I haven't come across the nuts & bolts of a repo auction before, so it would be good if you posted details.

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Yes, you're right - it is what it is.

Read the contract terms. Simple as. Amazing how many people fail to see this as the starting point in their dealings.

Then google relevant terms - "financial services ombudsman" "repo auction" "28 days" - or standard terms you see in the contract. Amazing how many people don't recognise the availability of information.

I haven't come across the nuts & bolts of a repo auction before, so it would be good if you posted details.

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maybe readers have mis interpreted my post I have 28 days to pay. I have just won the bid and am about to get a conveyance.

I haven't run out of time or anything.

im asking is it enough time to get sorted with conveyance and releasing the money within the 28 days if not then ........ is there leneincy or strictly 28 days and no more

how do the banks usually play it ?

I have sold a large house bought myself a 3 bed and as it is still about 25 - 28 days before I get all moved in .and meanwhile have used extra money coming from this sale to also win a repo bid. which will need the money released within 28 days ! phew !! so its a close call.

I have not signed or seen a contract as of yet for the house I have won bid on . they still advertise for 7 days as a rule.even though im told my bids the winner ?

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maybe readers have mis interpreted my post I have 28 days to pay. I have just won the bid and am about to get a conveyance.

I haven't run out of time or anything.

im asking is it enough time to get sorted with conveyance and releasing the money within the 28 days if not then ........ is there leneincy or strictly 28 days and no more

how do the banks usually play it ?

I have sold a large house bought myself a 3 bed and as it is still about 25 - 28 days before I get all moved in .and meanwhile have used extra money coming from this sale to also win a repo bid. which will need the money released within 28 days ! phew !! so its a close call.

I have not signed or seen a contract as of yet for the house I have won bid on . they still advertise for 7 days as a rule.even though im told my bids the winner ?

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I'm not being pedantic or facetious but this is HPC. Home of people not prepared to risk the sort of leverage required to buy a house. Do you think they'd go to a property auction without understanding the exact mechanics of how the process worked?

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I mean, just how much notice did you have before you went to the auction? An hour? A day? A week? More?

Ffs bailing out ***** for stuff they SHOULD have found out beforehand. Risk, not just a ******ing board game.

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maybe readers have mis interpreted my post I have 28 days to pay. I have just won the bid and am about to get a conveyance.

I haven't run out of time or anything.

im asking is it enough time to get sorted with conveyance and releasing the money within the 28 days if not then ........ is there leneincy or strictly 28 days and no more

how do the banks usually play it ?

I have sold a large house bought myself a 3 bed and as it is still about 25 - 28 days before I get all moved in .and meanwhile have used extra money coming from this sale to also win a repo bid. which will need the money released within 28 days ! phew !! so its a close call.

I have not signed or seen a contract as of yet for the house I have won bid on . they still advertise for 7 days as a rule.even though im told my bids the winner ?

You might want to look at the following topics to start:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=191409

http://www.housepricecrash.co.uk/forum/index.php?showtopic=143209&view=findpost&p=2527127

Definitely looks like you need to plan ahead.

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My understanding of auctions is that you loose your deposit if you fail to complete within 28 days . Im not sure if they readvertise the property but all of this information is usually clearly spelt out in the literature the auction house sends to everyone who is planning to participate in the auction

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Could you give us an update rockinrev on how things panned out?

things have panned out fine. i have bought the repossession house and i get the keys on friday. the bank / sellers extended the 28 day period ,and gave me another week to complete which was a good job as the other house i was selling was holding up the payment as i was in a chain of 7 people and believe me to get seven people all ready to move with all the correct checks beforehand in is some feat in it self . it has been a nightmare selling one house and buying 2 ,one a repo which was not the easiest way to go about things .ive learnt a lot ! but has eventually panned out with a lot of prayer !!!!

the bank was happy to extend the payment date as long as i could give them a firm future date and the certainty of payment forthcoming. the solicitor nogotiating with them helped. thanks for all who wrote in. i never lost my deposit or any of the other scare stories ive heard . happy ending

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