Yesterday we found out that the flat in Dalston we bid at auction on 2nd Nov, is back up for auction on Dec 17th. This was the flat that we were competing against one other bidder and in the end was outbid (by a mere 500).
This provided us with a massive dilemna. With the legals already paid for, what do we have to lose in bidding for the property again? We've done all the figures, seen the property and know might be able to get it for a similar price that we bid last time. BUT - obviously, we've just spent a fair bit of money booking our trip to the US.
Darren rang the auction house today (in true real estate fashion he had to leave 2 messages and then keep ringing back). We wanted to establish why the buyer didn't complete on the flat. If it was because they couldn't get a mortgage, then we'd have issues too - so we'd leave the thought behind about bidding for it.
But, it turns out the auction house had been trying to contact us to see if we wanted to purchase it after the other buyer fell through. THe other buyer was actually the previous owner (who had the property repossessed) and was essentially either a: trying to be obstructive and drive up the price or b: genuinely trying to rebuy their flat but without the finance to do it. The buyer didn't even come up with the deposit and the auction house are now trying to sue them.
So frustratingly we WERE the highest real bidder at the auction and shouldv'e know owned it.
The buyer even went so far as to write a fake letter from the 'freeholder' saying there would be works on the property to try and put off potential buyers.
In fact, the freehold has been taken over by HM Treasury because the company has gone into liquidation and the Treasury has written to the auction house to say that they will be offering the freehold to the leaseholders - effectively meaning the flat is a share-of-freehold.
Darren said we'd like to offer 160k to take it off the auction and complete before 31st Dec (when stamp duty comes back into force for properties under 175k. The auction house guy then said (wait for it...) actually, how about you offer 155k and then if the reciever wants a bit more you've got room to go up to 160k. WHAT? A real estate person actually telling us to offer less?! He said he's worked with the recievers for years and know what they're like. He also said they've had interest around the 150k mark, but 155k would still be above everyone else.
We are now awaiting a call tomorrow that will tell us whether we can buy this property. The waiting continues.
Part of me really wants this and the other part really doesn't and just wants to enjoy planning the Big Trip USA.
This provided us with a massive dilemna. With the legals already paid for, what do we have to lose in bidding for the property again? We've done all the figures, seen the property and know might be able to get it for a similar price that we bid last time. BUT - obviously, we've just spent a fair bit of money booking our trip to the US.
Darren rang the auction house today (in true real estate fashion he had to leave 2 messages and then keep ringing back). We wanted to establish why the buyer didn't complete on the flat. If it was because they couldn't get a mortgage, then we'd have issues too - so we'd leave the thought behind about bidding for it.
But, it turns out the auction house had been trying to contact us to see if we wanted to purchase it after the other buyer fell through. THe other buyer was actually the previous owner (who had the property repossessed) and was essentially either a: trying to be obstructive and drive up the price or b: genuinely trying to rebuy their flat but without the finance to do it. The buyer didn't even come up with the deposit and the auction house are now trying to sue them.
So frustratingly we WERE the highest real bidder at the auction and shouldv'e know owned it.
The buyer even went so far as to write a fake letter from the 'freeholder' saying there would be works on the property to try and put off potential buyers.
In fact, the freehold has been taken over by HM Treasury because the company has gone into liquidation and the Treasury has written to the auction house to say that they will be offering the freehold to the leaseholders - effectively meaning the flat is a share-of-freehold.
Darren said we'd like to offer 160k to take it off the auction and complete before 31st Dec (when stamp duty comes back into force for properties under 175k. The auction house guy then said (wait for it...) actually, how about you offer 155k and then if the reciever wants a bit more you've got room to go up to 160k. WHAT? A real estate person actually telling us to offer less?! He said he's worked with the recievers for years and know what they're like. He also said they've had interest around the 150k mark, but 155k would still be above everyone else.
We are now awaiting a call tomorrow that will tell us whether we can buy this property. The waiting continues.
Part of me really wants this and the other part really doesn't and just wants to enjoy planning the Big Trip USA.
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