goofy115
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Post by goofy115 on May 15, 2018 8:44:39 GMT
The borrower is quite clearly stringing FS along as he has done for months.The flats have reappeared for sale on right move last week (9/5/2018) after being absent for a few weeks which remarkably coincides with when the warranties were finally obtained. Incidentally the guide/asking price is £1.2m so it's not looking good for those in the 2nd charge but you have probably known that for a while now.
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r00lish67
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Post by r00lish67 on May 15, 2018 9:04:00 GMT
The borrower is quite clearly stringing FS along as he has done for months.The flats have reappeared for sale on right move last week (9/5/2018) after being absent for a few weeks which remarkably coincides with when the warranties were finally obtained. Incidentally the guide/asking price is £1.2m so it's not looking good for those in the 2nd charge but you have probably known that for a while now. Oh, you're right. And, not only that, they're for sale by public auction tomorrow at 2pm. Lot 61A And this wasn't worthy of mention by FS? Edit: setting my alarm for tomorrow.
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Steerpike
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Post by Steerpike on May 15, 2018 9:14:42 GMT
Support this morning:
"Development Project, Formby - Renewal (1586956834) Your updates suggest that the sale is proceeding, however, the properties reappeared on Rightmove on 9th May 2018. Please provide an update that explains the current situation."
"Thank you for your patience. Unfortunately the person I would need to speak to is in a meeting currently. However when they are out I will ask them about this and ask for an update to be posted onto the loan."
It looks like this may be coming to a conclusion within 28 hours or so...
Given that it is not in the catalogue it seems that this was something of a last minute decision.
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snowmobile
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Post by snowmobile on May 15, 2018 10:45:02 GMT
Oh dear this isn't looking good at all. For a while I've been expecting the next update to be something along the lines of "unfortunately due to the delay in obtaining the necessary warranties, the buyer has pulled out of the purchase". Then again, such a frank admission is perhaps expecting too much from FS
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goofy115
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Post by goofy115 on May 15, 2018 10:59:34 GMT
Oh dear this isn't looking good at all. For a while I've been expecting the next update to be something along the lines of "unfortunately due to the delay in obtaining the necessary warranties, the buyer has pulled out of the purchase". Then again, such a frank admission is perhaps expecting too much from FS I think it's pretty obvious there was no buyer in the first place but I guess you had assumed that too.
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snowmobile
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Post by snowmobile on May 15, 2018 11:18:11 GMT
Oh dear this isn't looking good at all. For a while I've been expecting the next update to be something along the lines of "unfortunately due to the delay in obtaining the necessary warranties, the buyer has pulled out of the purchase". Then again, such a frank admission is perhaps expecting too much from FS I think it's pretty obvious there was no buyer in the first place but I guess you had assumed that too. After stringing us along for months about existence of said phantom buyer, the next update could hardly admit they didn't exist in the first place. Much easier to say sale has fallen through for xyz reason. It does make you wonder how much longer we would have been strung along.
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adrian77
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Post by adrian77 on May 15, 2018 11:20:03 GMT
Great posts above - this is totally outrageous - at best it indicates gross incompetence and at worst criminal deception by somebody. Either FS knew about this auction and did not tell us or they did not know. Either option is totally unacceptable. I read
well FS how do you explain that ! Clearly you asked for proof via notarised document...
I said this Fire warranty etc did not ring true as I thought you could exchange before the fire certificate is granted and complete once it is done.
Tell you what I think - there was no prospective purchaser and the developer did not realise that the auction house quite reasonably stated they would not enter the block into auction before it was done.
Be interesting to see what this one goes for - I guess buying the block will really force down the unit price so I am really glad I am not in the second charge
The below is what I wrote on 3rd May I invested in this one as it seemed a fair bet - I tell you if this is one of the better ones then I hate to think what will be the result of the dodgy ones - I don't think Wimbledon will be the only 100% write-off
Farcial!
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adrian77
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Post by adrian77 on May 15, 2018 12:18:33 GMT
FS - have you asked the auctioneers if they are happy that this priceless gem of information is now common knowledge !
It is possible that the local property dealers will now "ring" this one and one of them will buy it at £<detail removed by Mod> - brilliant!
According to the auction site this block was added on the 9th - not that I can see it in the FS updates.
I am not convinced this block will reach the reserve price,as to the other flats they all seem overpriced to me based on a quick bit of research by somebody who does not know the area...
Tomorrow will be an interesting day!
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michaelc
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Post by michaelc on May 15, 2018 12:30:12 GMT
FS - have you asked the auctioneers if they are happy that this priceless gem of information is now common knowledge ! It is possible that the local property dealers will now "ring" this one and one of them will buy it at £ <detail removed by Mod> - brilliant! According to the auction site this block was added on the 9th - not that I can see it in the FS updates. I am not convinced this block will reach the reserve price,as to the other flats they all seem overpriced to me based on a quick bit of research by somebody who does not know the area... Tomorrow will be an interesting day! I must admit I was thinking the same. However, FS didn't put that in the public domain. One or more of the lenders did. That all said if we get the reserve it doesn't really matter to us I think.
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Post by Ton ⓉⓞⓃ on May 15, 2018 13:14:34 GMT
I notice that specific figures are being quoted along with what looks like privilege info perhaps from an email to FS lenders. For the moment I'm removing most of this, please send me info if I'm incorrect in this.
So for the moment please stop post this sort of info.
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adrian77
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Post by adrian77 on May 15, 2018 15:58:05 GMT
I won't argue about being censored for the reserve price - although I am sure I am not the only developer in the North of England who saw the price! As far as I am concerned FS put this in the public domain (and they really should not have). The cat is out of the bag. QED.
However any objections if I post the live link to the auction tomorow as I have arranged to spend a couple of hours watching this priceless entertainment. All I will post is the live link, no lot number or anything outrageous like that.
I thank you.
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Post by gaspilot on May 15, 2018 16:20:46 GMT
Excuse my ignorance of the bidding process, but I'm unsure as to why knowledge of the reserve price would be helpful in this case. For example, if you intended to bid and you thought it was worth £x and that was your maximum bid with the reserve price being £y then: If x<y then even if you bid the most your bid would be less than the reserve so you would not secure the property. If y<x then you would secure the property if you were the maximum bidder. Both would be true with or without knowing the value of y. Am I missing something?
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adrian77
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Post by adrian77 on May 15, 2018 17:31:50 GMT
I have had an interesting email from the auction house (I often buy there). Anybody wanting a copy please PM me.
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michaelc
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Post by michaelc on May 15, 2018 17:48:31 GMT
I won't argue about being censored for the reserve price - although I am sure I am not the only developer in the North of England who saw the price! As far as I am concerned FS put this in the public domain (and they really should not have). The cat is out of the bag. QED. However any objections if I post the live link to the auction tomorow as I have arranged to spend a couple of hours watching this priceless entertainment. All I will post is the live link, no lot number or anything outrageous like that. I thank you. Hi Adrian. As far as I recall and without reading back, I don't think it was you that released it. I think we both sort of did by quoting but by that time it was already for all to see in this thread. Anyway, hopefully a storm in a teacup. Edit: And just to add the originating post I think has been deleted. I can't think what motive any lender would have releasing an auction reserve price.
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Post by dan1 on May 15, 2018 17:57:10 GMT
I won't argue about being censored for the reserve price - although I am sure I am not the only developer in the North of England who saw the price! As far as I am concerned FS put this in the public domain (and they really should not have). The cat is out of the bag. QED. However any objections if I post the live link to the auction tomorow as I have arranged to spend a couple of hours watching this priceless entertainment. All I will post is the live link, no lot number or anything outrageous like that. I thank you. It'll identify the asset so please post the link in DD-Central.
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