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Surrey cash buyer

By Order Of Mortgagees In Possession

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Interesting they quote a specific price - always thought they had to be seen to get the best price - so often sealed bids, auction etc so they cover their backs.

I had a maintenance bloke from the rental agency round a while ago. We discussed the market. He does work for loads of estate agents and letting agents (often the same thing). He was saying they are always trying to offload repos on to him.

They don't surface much repos - there is a lot of dodgy deals done in this area.

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Does the address show up in the advert? It would be interesting to see how much the house was bought for vs what the bank thinks it can get now......

EDIT:

Looking at the map area, it was either bought in October 2005 for 500K OR June 2004 for 565K.

Seems likely that the bank is asking 40K less than in '04 (obviously they only need to cover the mortgage value, but still.......)

EEK: I looked at the map area & it seemed to be around no 66-68. Did you see something different??

Edited by colonel faulkner

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From houseprices.co.uk

1/08/2004 £900,000 Det. F/H Map 97, Longdown Lane South, Epsom, Surrey, KT17 4JJ

28/05/2004 £595,000 Det. F/H Map 105, Longdown Lane South, Epsom, Surrey, KT17 4JJ

26/08/2003 £575,000 Det. F/H Map 91, Longdown Lane South, Epsom, Surrey, KT17 4JJ

04/04/2003 £405,000 Det. F/H Map 89, Longdown Lane South, Epsom, Surrey, KT17 4JJ

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Guest Charlie The Tramp

The lenders will want maximum price obtainable, so you will see many more of these EA adverts.

To say to the repossessed sorry we sold cheap for a quick sale and you still owe us 50k IMO will not happen this time around. They must show they got the best possible price acting in the debtor`s interest.

Quote from surveyor`s post

The agent said, a propo repossessions, that 'half' their vendors were banks.

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The lenders will want maximum price obtainable, so you will see many more of these EA adverts.

To say to the repossessed sorry we sold cheap for a quick sale and you still owe us 50k IMO will not happen this time around. They must show they got the best possible price acting in the debtor`s interest.

Quote from surveyor`s post

I haven't dealt with a repo for a while now - but i seem to remember that when an offer has been made an advert has to be placed in the local press stating the figure to ensure the best price has been achieved. This has to be done by law if my memory is correct.

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The lenders will want maximum price obtainable, so you will see many more of these EA adverts.

To say to the repossessed sorry we sold cheap for a quick sale and you still owe us 50k IMO will not happen this time around. They must show they got the best possible price acting in the debtor`s interest.

Quote from surveyor`s post

Unless the bank manager responsible for repos has a contact who wants to buy cheap property....in which case he can pass it on in return for a fat brown envelope.

This is easily explained away, the manager will look good for getting a quick disposal of the unwanted asset.

In an illiquid market with no means of readily determining a market price this would be very easy.

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Unless the bank manager responsible for repos has a contact who wants to buy cheap property....in which case he can pass it on in return for a fat brown envelope.

This is easily explained away, the manager will look good for getting a quick disposal of the unwanted asset.

In an illiquid market with no means of readily determining a market price this would be very easy.

Yes - could be done, but totally illegal as the bank legally have to obtain the best possible price.

Why is there no means of determining the price?

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Yes - could be done, but totally illegal as the bank legally have to obtain the best possible price.

Of course it would be illegal - I'm talking about a bank manager defrauding his employer and the borrower, whilst enriching himself and the new purchaser of the property.

Why is there no means of determining the price?

Because property prices do not flash across a computer screen all day long like currency or stock prices.

Every house is unique, and the only real way to value it is to find a buyer who will complete at a given price.

I'm sure surveyors can be easily paid off if need be as well.

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Of course it would be illegal - I'm talking about a bank manager defrauding his employer and the borrower, whilst enriching himself and the new purchaser of the property.

Because property prices do not flash across a computer screen all day long like currency or stock prices.

Every house is unique, and the only real way to value it is to find a buyer who will complete at a given price.

I'm sure surveyors can be easily paid off if need be as well.

A repo usually is valued by 3 different surveyors (before being marketed) and its very rare for an EA to be instructed by the local branch manager, far more likely a central office somewhere - there could be a lot of brown envelopes flying around!

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I am familiar with the area and could value a property in this road as well as any EA or surveyor, I have seen so many in the last 12 months. This one is good because of the plot size but it's a busy road and too far to walk into town. The better houses are just around the corner in the neighbouring roads.

This agent is notorious for really bumping up the price but in this case they haven't.

£490-£500K is what it will sell for and thats about 12.5% down on the £565K price it went for in 2004.

12.5% down in the last year is completely in line with my own experience of STRing in 2005.

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They don't surface much repos - there is a lot of dodgy deals done in this area.

That's definitely been my experience too. EAs just don't play by the rules when it comes to repossessions imo.

I haven't dealt with a repo for a while now - but i seem to remember that when an offer has been made an advert has to be placed in the local press stating the figure to ensure the best price has been achieved. This has to be done by law if my memory is correct.

I think they only have to advertise an offer when it has been accepted. Then if a higher offer is made they have to go through the same process again. I asked a local EA to tell me when an offer was going in the paper and to tell me which paper is was going in and he gave me a date two weeks after the deadline for making higher offers and a fictional paper. I'm sure a lot of these are snapped up as bargains by EAs themselves as they sure aren't playing fair in my experience.

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A repo usually is valued by 3 different surveyors (before being marketed) and its very rare for an EA to be instructed by the local branch manager, far more likely a central office somewhere - there could be a lot of brown envelopes flying around!

Will the brown envelopes flying around be brown because of the contents? :lol::lol:

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I once worked with someone who had been a mortgage advisor in a large chain (rhymes with thieves). Apparantly last time around it was very common for builders to be tipped off about a repo and for there to be a brown envelpoe for the EA.

There was also a practice by which the banks would each have their own favoured EA.

When I mentioned auctions he was surprised at the idea. He'd never come across one for a repo.

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I once worked with someone who had been a mortgage advisor in a large chain (rhymes with thieves). Apparantly last time around it was very common for builders to be tipped off about a repo and for there to be a brown envelpoe for the EA.

There was also a practice by which the banks would each have their own favoured EA.

When I mentioned auctions he was surprised at the idea. He'd never come across one for a repo.

They should be legally obliged to advertise them nationally and locally and auction them publically. The people that loose out here are the small punters (both owners and buyers) who don't have the capacity to challenge well managed paper trails with nothing underneath them. With all the laws in this country, surely it would be hard to create another one! (or even just tweak and existing one)

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  • 301 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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