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Dodgy Estate Agents?
A couple of months ago, a house near us was for sale (unadvertised), at a local estate agents. I heard it was for sale from a neighbour.
It was a mortgage repossession with the Halifax.
The asking price was at least £100,000 below it's proper market value.
When I went in to the estate agents to ask them about it, I asked why it was so cheap. "Structural work. You won't get a mortgage on it. It has subsidence and needs a totally new roof. That's why it's so cheap".
Today.
A builder just knocked on our door to introduce himself and say he will be doing a couple of months building work on the house. According to him, it is "structurally sound", but "the roof needs a new cover and the bay needs a bit of pinning". He will be redecorating and putting in a new cloakroom.
He gave me the name of the person to contact if there were any problems.
Lo and Behold. It is the estate agent.
Five minutes later....the doorbell rings again.
"Sorry, this is the right number. He's the person to contact, not the estate agent...." and gives me the number of someone else.
BUT - it seems this is a dodgy deal.
What should I do?
It was a mortgage repossession with the Halifax.
The asking price was at least £100,000 below it's proper market value.
When I went in to the estate agents to ask them about it, I asked why it was so cheap. "Structural work. You won't get a mortgage on it. It has subsidence and needs a totally new roof. That's why it's so cheap".
Today.
A builder just knocked on our door to introduce himself and say he will be doing a couple of months building work on the house. According to him, it is "structurally sound", but "the roof needs a new cover and the bay needs a bit of pinning". He will be redecorating and putting in a new cloakroom.
He gave me the name of the person to contact if there were any problems.
Lo and Behold. It is the estate agent.
Five minutes later....the doorbell rings again.
"Sorry, this is the right number. He's the person to contact, not the estate agent...." and gives me the number of someone else.
BUT - it seems this is a dodgy deal.
What should I do?
Comments
Someone suggested reporting the Halifax to the repossessees - as they have a legal duty to get market price for the property.
http://www.britishcompanies.co.uk/estateagents.htm
http://www.rics.org/AboutRICS/RICSProfessionalRegulationandConsumerProtection/RICSregulatoryreform/carsberg_report0405_public.html