Contacting Building Society for Repossession

[Badapple]

Just view a property I'd like to buy, turned out it was a repo for a building society.
Anyway I could go straight to them & avoid the agent??

[scotal]

I dont think so, no.
The rules on selling repos are quite strict.
The property has to be marketed, then when a sutiable offer has been received it has to be publiscised so other interested parties get the chance to make an offer, I think theree has to be a 2 week window for this to occur, but dont quote me.
Once all that's done they will want a quick exchange of contracts.

[2 5HAN]

Definitely contact the building society to register your interest as sometimes the good old estate agents have their preferred bidders nudge nudge wink wink and most solicitors, receivers and estate departments just wait for feedback from the estate agents with details of the best offers received.

You have nothing to lose from speaking to them especially if you are in a strong purchasing position.

The answer to the main question though is no you wont be able to by pass the agent though.... Sorry

Edited by 2 5HAN on Thursday 16th October 21:30

[jamesuk28]

scotal said:

I dont think so, no.
The rules on selling repos are quite strict.
The property has to be marketed, then when a sutiable offer has been received it has to be publiscised so other interested parties get the chance to make an offer, I think theree has to be a 2 week window for this to occur, but dont quote me.
Once all that's done they will want a quick exchange of contracts.

Yep, 14 day notice (in local paper among other places) is a legal requirement. Always a pain in the arse to have your offer pipped by some notice reading developer.

[Audi Guru]

Which buiding society is it? I have a listing of one of the major UK players repossessions which I can acquire, as I have an in road to the board.

[Badapple]

Audi Guru said:

Which buiding society is it? I have a listing of one of the major UK players repossessions which I can acquire, as I have an in road to the board.

Should know tommorrow, getting the official copies cheers

[Badapple]

jamesuk28 said:

Always a pain in the arse to have your offer pipped by some notice reading developer.

I assume if this is the case, the agent should ask me again if I would like to raise my offer?

[POORCARDEALER]

Badapple said:

jamesuk28 said:

Always a pain in the arse to have your offer pipped by some notice reading developer.

I assume if this is the case, the agent should ask me again if I would like to raise my offer?

Alsorts of wierd and wonderful things seem to go on with repo's.............my advice is to "befriend" the agent if you want the propert badly, quite amazing how you get pipped by £100-200 if you dont.

[jamescodriver]

Normal procedure is the repo is managed by an asset management firm, they then pass the property onto their prefered agent.

If you have made an offer they will accept it subject to a 7 day notice in the local paper.

Best advice i can give on offering on repos is have all your paper work ready and be prepared to show it to the Agent as it makes their life so much easier for dealing with the Asset company.

One other is be prepared for a long wait for an answer on your offer it can take up to 5 weeks.....