ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 4, 2024 11:12:17 GMT
So where do receivers advertise properties apart from their window ?!
Loan for Qu* road, Cho* is 2.5 years overdue and is now with receivers receiving offers. And yet according to every internet search engine it doesn't exist and isn't for sale !
Is it a secret club or maybe darkweb only.
They have lists of parties they will contact but also the selling agent will advertise it through their contacts. Not always easy to find even with Google.
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p2pfan
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Full-Time Investor
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Post by p2pfan on May 4, 2024 13:27:27 GMT
So where do receivers advertise properties apart from their window ?!
Loan for Qu* road, Cho* is 2.5 years overdue and is now with receivers receiving offers. And yet according to every internet search engine it doesn't exist and isn't for sale !
Is it a secret club or maybe darkweb only.
Not referring to CP specifically, but the UK receivership industry in general: the reason you will struggle to find such properties for sale online is because it's a clique. The shady, private backroom deals are done between mates who went to the same public schools or play golf together etc. It's a win-win for both parties involved, because the buyer gets to purchase the properties at below the market price, for a lower sum than there would be if it were a free market. For reference, see hundreds of sales of properties in receivership through P2P platforms which have very often sold for significantly below the RICS valuation price advertised to lenders e.g. some of those on Assetz Capital. I've witnessed many properties sell at below 80% of the valuation price despite, at the time of selling and beforehand, a rising market. The receivers who are selling the properties also win, because, alongside their chunky fees, they often get 'thank you gifts' from the buyers. The only folk who lose out are those who had charges on the properties and needed them to sell for a good price to get paid back in full, which is P2P platforms themselves and their lenders.
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Post by overthehill on May 4, 2024 13:39:25 GMT
So where do receivers advertise properties apart from their window ?!
Loan for Qu* road, Cho* is 2.5 years overdue and is now with receivers receiving offers. And yet according to every internet search engine it doesn't exist and isn't for sale !
Is it a secret club or maybe darkweb only.
Apex27 P**k V**w apartments. I think its advertised to developers. I couldn't see details of price etc.
I'm not surprised it hasn't sold for its valuation if that is the extent of the marketing material in the pdf file. I don't recall when it was completed, the updates are just a blur without checking. Find out soon hopefully if it's been a 4 year interest free loan or possibly even a donation to the town.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 765
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Post by p2pfan on May 4, 2024 14:40:23 GMT
Apex27 P**k V**w apartments. I think its advertised to developers. I couldn't see details of price etc.
I'm not surprised it hasn't sold for its valuation if that is the extent of the marketing material in the pdf file. I don't recall when it was completed, the updates are just a blur without checking. Find out soon hopefully if it's been a 4 year interest free loan or possibly even a donation to the town.
Very difficult to find any information on this building for sale, but I've managed to find the PDF too. That one PDF is the only thing online I could find. What a joke. It must have taken 20 minutes to put together by a kid doing a two week training stint at the receivers. They couldn't have put together a worse document, even if they tried. The receivers are obviously not bothered about procuring buyers for the building or getting the maximum selling price for it.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,181
Likes: 11,372
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Post by ilmoro on May 4, 2024 17:11:07 GMT
So where do receivers advertise properties apart from their window ?!
Loan for Qu* road, Cho* is 2.5 years overdue and is now with receivers receiving offers. And yet according to every internet search engine it doesn't exist and isn't for sale !
Is it a secret club or maybe darkweb only.
Not referring to CP specifically, but the UK receivership industry in general: the reason you will struggle to find such properties for sale online is because it's a clique. The shady, private backroom deals are done between mates who went to the same public schools or play golf together etc. It's a win-win for both parties involved, because the buyer gets to purchase the properties at below the market price, for a lower sum than there would be if it were a free market. For reference, see hundreds of sales of properties in receivership through P2P platforms which have very often sold for significantly below the RICS valuation price advertised to lenders e.g. some of those on Assetz Capital. I've witnessed many properties sell at below 80% of the valuation price despite, at the time of selling and beforehand, a rising market. The receivers who are selling the properties also win, because, alongside their chunky fees, they often get 'thank you gifts' from the buyers. The only folk who lose out are those who had charges on the properties and needed them to sell for a good price to get paid back in full, which is P2P platforms themselves and their lenders. Probably because there isnt a RICS valuation provided to lenders for a recovery sale ... RICS valuation only cover open market sales ie between two willing parties. If receivers are involved then it isn't a willing seller. The receiver will have the property revalued, usually by a specialist like MBV for a distressed sale. This, of course, is something platforms don't tell lenders, especially when it relates to developments which often lose value during construction because of extra costs any buyer of a partial build is likely to incur.
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