Saturday, February 26, 2011

Fewer auction-room bargains ahead

Banks gazumping buyers of repossessed properties

Property buyers are finding themselves being unwittingly “gazumped” at the last minute when trying to buy repossessed homes from large UK banks. The trend follows a change in the way banks sell the majority of repossessed homes. In 2008, government-backed banks such as Northern Rock came under fire when selling foreclosed homes through big auction houses. Defaulting borrowers often felt the lender had not maximised the sale of properties. To avoid such accusations banks are increasingly selling through estate agents.

Posted by drewster @ 11:53 AM (1335 views)
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One thought on “Fewer auction-room bargains ahead

  • We looked at a house that was repossessed with a view to buy. We did a bit of checking out the house with building regs and planning at the local authority office before putting in an offer and found that they house had been underpinned extensively sue to subsidence. We advised the estate agent and suggested passing on that information to perspective buyers only to be told that the information we uncovered belonged to us and they would not be advising anyone else about it. On reflection, it is highly unlikely the repossessing bank did not know about the subsidence. They all seem happy to watch some poor buyer pay for a structural survey that will tell him or her whet the bank and estate agent know. Very deceitful and dishonest, in my mind.

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