adrian77
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Post by adrian77 on May 16, 2018 16:59:16 GMT
We understand
FS here is some free business advice - "understand nothing - validate everything!" Why don't you phone the damn lawyer and ask him or her to confirm
My property lawyer is extremely efficient - she would not be putting up with all this nonsense Can we assume exchange will now take place this week - somehow I doubt it.
Each week I become more and more concerned as to what on earth is going on here.
Every time I get an FS email about a property loan I don't even bother to read it before I delete it...
Not what the auction house told me this morning!
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Post by gaspilot on May 16, 2018 18:41:18 GMT
We understand FS here is some free business advice - "understand nothing - validate everything!" Why don't you phone the damn lawyer and ask him or her to confirm My property lawyer is extremely efficient - she would not be putting up with all this nonsense Can we assume exchange will now take place this week - somehow I doubt it. Each week I become more and more concerned as to what on earth is going on here. Every time I get an FS email about a property loan I don't even bother to read it before I delete it... Not what the auction house told me this morning!What did they say?
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adrian77
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Post by adrian77 on May 17, 2018 6:14:18 GMT
I have been thinking about the FS statement above - as several of us have mentioned the legal packs did not arrive in time for the auction. This is fact and not conjecture as this was confirmed to me via email from the auction house. Thus I am highly suspicious that the above statement was somewhat economical with the truth.
"Due to be signed but weren't" - are FS having a laugh? I have bought about 17 properties and the next time I don't turn up to exchange on the agreed date will be the first. Should exchange have taken place yesterday then FS will be vindicated and my concerns misplaced. On the other hand should exchange not happen this week I will not be impressed.
Clearly no misinformation or deception whatsoever with any other loans such as the powerboat...
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adrian77
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Post by adrian77 on May 17, 2018 6:35:39 GMT
update to my last reply should there be mystery buyer about to exchange then the next auction is in July so with 4 weeks to complete that will be August! I hope this chap finds a buyer before then but I am not holding my breath. £945K + £875K at 2.4% interest per month is a fair few quid...
Gordon Bennett!
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puddleduck
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Post by puddleduck on May 17, 2018 14:06:16 GMT
This is still for sale... (via Auction House)
'Dear All
We are now instructed to invite best offer for this property by 12 noon, Wednesday 23rd May 2018.'
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Post by gaspilot on May 17, 2018 15:40:44 GMT
This is still for sale... (via Auction House) 'Dear All We are now instructed to invite best offer for this property by 12 noon, Wednesday 23rd May 2018.' I note the guide price is £100K lower than the previously quoted reserve price. Should we read anything into that?
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puddleduck
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Post by puddleduck on May 17, 2018 16:03:51 GMT
This is still for sale... (via Auction House) 'Dear All We are now instructed to invite best offer for this property by 12 noon, Wednesday 23rd May 2018.' I note the guide price is £100K lower than the previously quoted reserve price. Should we read anything into that? Yes, this is available for a substantial reduction. As per ASA ruling, reserves at auction cannot be any higher than 10% over Guide price. www.asa.org.uk/rulings/auction-house-uk-ltd-a13-251586.html
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adrian77
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Post by adrian77 on May 17, 2018 17:15:13 GMT
Well it has 1810hrs now so no exchange yesterday nor today (I presume) and I would wager not tomorrow either.
So Newcastle and Formby were both "expected" to either complete or exchange yesterday and neither did.
Selling on my FS loans is going great guns - I don't care about the discount as I just want out.
I note this one is now for sale on the auction site - hardly mass marketing is it? Although I am sure local dealers have flagged this one as a lemon and there may be a few bids around the reserve guide price!
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goofy115
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Post by goofy115 on May 17, 2018 17:15:35 GMT
This is still for sale... (via Auction House) 'Dear All We are now instructed to invite best offer for this property by 12 noon, Wednesday 23rd May 2018.' No doubt another cunning ploy to force the buyers hand.
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puddleduck
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Post by puddleduck on May 17, 2018 17:48:43 GMT
This is still for sale... (via Auction House) 'Dear All We are now instructed to invite best offer for this property by 12 noon, Wednesday 23rd May 2018.' No doubt another cunning ploy to force the buyers hand. More likely to be looking for completion within 28 days of exchange - hence keeping it to auction terms. If I was the 'buyer' (if they exist), I'd probably be looking to get it at auction, as it'll likely to be cheaper than the current offer, so it's dangerous game. I've bought several properties at auction, and have never paid 10% over guide, and at least 50% of my buys have been below guide.
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adrian77
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Post by adrian77 on May 19, 2018 5:55:44 GMT
I presume FS never got the above agreement in writing and hence is totally useless.
Like most of their updates the above is totally misleading and untrue.
This mystery buyer who "had paid a deposit" to his solicitor does not appear to have exchanged as "expected".
If this buyer does exist then due to mind-boggling FS incompetence he has 2 months to play for time i.e. before the next auction. What would I do in his shoes - nothing for a month and then put in a lower offer before the auction and if that offer was not accepted simply place a low auction bid. Having studied the last auction the guide price for these flats look very high to me. True some luxury flats go for more money but a lot of flats go for vastly less.
I think FS should have foreclosed about a year ago, put these flats with a local agent and priced them to sell but now we are in the worst of all worlds with these flats flagged up as a lemon, not with a local agent (I think) and 2 months away from auction with the developer clocking up maintenance and interest costs
Gordon Bennett!
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Post by charlata on May 19, 2018 7:24:47 GMT
I presume FS never got the above agreement in wiriting and hence is totally useless. Like most of their updates the above is totally misleading and untrue. This mystery buyer who "had paid a deposit" to his solicitor does not appear to have exchanged as "expected". If this buyer does exist then due to mind-boggling FS incompetence he has 2 months to play for time i.e. before the next auction. What would I do in his shoes - nothing for a month and then put in a lower offer before the auction and if that offer was not accepted simply place a low auction bid. Having studied the last auction the guide price for these flats look very high to me. True some luxury flats go for more money but a lot of flats go for vastly less. I think FS should have foreclosed about a year ago, put these flats with a local agent and priced them to sell but now we are in the worst of all worlds with these flats flagged up as a lemon, not with a local agent (I think) and 2 months away from auction with the developer clocking up maintenance and interest costs Gordon Bennett! I'm very impressed by your knowledge of debt recovery, and indeed, property development from A to Z. It's people like you that have made the UK what it is today.
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adrian77
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Post by adrian77 on May 26, 2018 8:36:20 GMT
yeah right ! Yet another broken promise?
Well I wonder if we can assume no satisfactory bids were received on Wednesday so now we will probably have to wait until the July auction unless a private buyer is found? As each week passes I become more worried over this one
All polite and positively constructive comments welcome
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puddleduck
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Post by puddleduck on May 26, 2018 9:31:43 GMT
yeah right ! Yet another broken promise? Well I wonder if we can assume no satisfactory bids were received on Wednesday so now we will probably have to wait until the July auction unless a private buyer is found? As each week passes I become more worried over this one All polite and positively constructive comments welcome I don't think it was necessary for bids to come in by Wednesday per se - I've been called up on the phone by Auction House often several days after an auction if it was something I expressed an interest in inviting offers if it didn't sell on the day. So I think someone could still offer to buy pretty much up to the day before the next auction and it would be under auction terms -ie exchange contracts immediately, pay the 10% deposit, then the balance in 28 days.
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chunkie
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Post by chunkie on May 26, 2018 10:45:09 GMT
Today's Update"We spoke with the borrower this morning. The purchaser has still not exchanged contracts. Post auction viewings were held this week and a serious offer of £1.3m including freehold has been made with immediate exchange and completion in 21 days. The borrower has given the first purchaser an ultimatum of Tuesday next week to exchange"
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