Is someone pulling a fast one

[Pit Pony]

Okay, so small alarm bells are ringing, not sure what if anything I can do, but I thought I'd present the facts to the PH business community and see if they see something fishy.

It started for me a whole month ago:

http://www.pistonheads.com/gassing/topic.asp?h=0&a...

When I saw this property for sale here : http://www.rightmove.co.uk/property-for-sale/prope...

and then again here : http://www.zoopla.co.uk/for-sale/details/31970926#...

with the following price changes :


First listed

£55,000 on 13th Feb 2014

Asking price changes

• £50,000 9.1% Reduced on: 21st Feb 2014
• £40,000 20.0% Reduced on: 12th Apr 2014

So in 1 month, I've phone the agent, and spoken to "Jonathon", who assures me he'll try to arrange a viewing.

I've phoned them more than a few times, and got a story, that firstly they are having difficulty getting hold of the vendor, then they have spoken with the vendor and answered all my queries, but failed to organise a viewing, and eventually they are having difficulty getting in touch with the vendor.

now after a bit of digging I realise that

http://www.yellowspringbok.co.uk/ and

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



So basically if I get this right, they have a part of the business that buys houses from desperate people, at 3/4 of the value, and puts them back on the market for 19/20 of the value. And the rest of the business pretends to be an estate agent ?

And in a whole month they can't secure me a viewing ? Strange ?

[jonamv8]

I know somebody who works in a similar method sometimes. Imagine it like a car that is on SOR.

They have probably promised vendor a certain price, i.e. 85% of market value but don't have capital to purchase out right but are still marketing through their right move account in the hope that they can middle man the hell out of the deal

[Pit Pony]

I don't fully understand how that would work, unless they buy it for £35K and sell to me at £40K on the same day, with seconds apart ?

[jammy_basturd]

Can you get hold of the owner details through the land registry and try and do a deal directly?

[Simpo Two]

So it's like Wonga etc, but with houses...

Where do the poor people live after they've sold their house for 4p?

[surfymark]

Pit Pony said:

I don't fully understand how that would work, unless they buy it for £35K and sell to me at £40K on the same day, with seconds apart ?

This is absolutely how it works if it is possible (given loans etc). Otherwise they use a bridging loan to buy for £35k, sell to you for £40k the next day, pay off the bridging loan.

HTH
M

[Laughingman21]

Or they have a purchase option on the property.

[zuby84]

Or someone at Estate Agency has promised the flat to another punter for a cheap price with something being exchanged under the table...

[Pit Pony]

jammy_basturd said:

Can you get hold of the owner details through the land registry and try and do a deal directly?

Don't know the Flat number.

[Simpo Two]

Pit Pony said:

Don't know the Flat number.

Ding dong.. hello, are you the chap with THIS property for sale (shows printout)... yes/no etc.

[Pit Pony]

Simpo Two said:

Pit Pony said:

Don't know the Flat number.

Ding dong.. hello, are you the chap with THIS property for sale (shows printout)... yes/no etc.

I am popping into Derby on my way back from Hemel to Liverpool tomorrow afternoon, solely on the off chance that I can get one of the other residents to tell me which post box to put an envelope for the vendor into. So I will find out who owns it hopefully.

[jonamv8]

surfymark said:

Pit Pony said:

I don't fully understand how that would work, unless they buy it for £35K and sell to me at £40K on the same day, with seconds apart ?

This is absolutely how it works if it is possible (given loans etc). Otherwise they use a bridging loan to buy for £35k, sell to you for £40k the next day, pay off the bridging loan.

HTH
M

This ^^^^

Creative solicitors are all you need. My mates bought a property in under 48 hours