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Without buyer representation, buyers are jumping from agent to agent looking for deals! I explained to him how the process works in Ontario and how I perceive it works in the U.S. and he was dumbfounded.
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45 Comments on Housing Foreclosures in England
Wow, how chaotic that would be! I can only imagine the stress involved with transactions like that.
Sounds like it would be chaotic. But, rules do vary from state to state and country to country. It is fun to learn how others do it.
You essentially described how foreclosures work in BC. First offer, (unconditional on the buyers part), triggers the court hearing. Because the offer is the cause of a court action it is attached to the hearing application and becomes public record. At the hearing any other offer can be presented to the court, and the number on the original offer that triggered the hearing can be amended. The Master, or Judge then looks them over, picks the one with the highest price and voila, we have a winner. Anybody with a saavy agent will know what the opening number was. Just for fun sometimes the judges just do what they want - they'll ask the original offer if they'll match the highest offer - they'll ignore the highest offer and go with the original offer - they'll throw them all out and tell everyone to write new offers. In the first two cases we went back to court to get the order overturned, (we were highest in both cases), and then did it all again.
Ah back to the good ole days. A long time ago, when I lived back home I worked for a building society-US equivalent would be savings institution. Unlike the US where the Sheriiff will evict if needed on a foreclosure it was the lender-building society that evicted and that was one of my jobs! Now it might have changed that was 20 years or so ago and from what you are saying the buying side of bank owned homes there has changed as well.
... who can trust those Brits !!!
Cheers !
ThatBritishAgent ;o)
Richard (#13) has it right. Buyers that don't feel secure with such a large purchase will not pay the up front costs of inspections and appraisals and what not without compensation - in the form of a lower purchase price. Some buyers just won't play at all. So by decreasing the size of their market, banks are actually decreasing their sales prices. If they would listen to the professionals, Realtors, they would get a higher sales price faster, and with less hassle and liability.
Any asset managers out there listening?
I have seen a similar process with some tax foreclosures with municipalities - where the current bid is published and you can upset that bid as long as you bid up. Then there is 15 days for someone else to up the bid.
But even with that process once you "WIN" the bid - no one can step in after your bid is accepted.
I was stationed there back in the 70's but never knew about foreclosures. I am glad for our system here in the states.
It can be very difficult for someone from a different culture to grasp how real estate is handled in different areas.
We seem to be at or near the bottom of the barrel in this market the banks have caused. In the USA this barrel is filled with a debris called tax deed sale properties. Great bargains are found if you know how to look for them.
Gazumpting... I wrote a blog posting about that a little while back. It's not just the banks that do that - it's true of every sale. But in recent months (weeks even) there has been a move afoot to create contracts for sales more along the lines of what we have here in North America. The problem of being bumped last minute for a house you think you're moving into isn't just a micro-issue for the people involved, it's also a macro-issue for the industry as a whole - making huge chains of collapsed sales occur when a person suddenly can't move into a house they bought, so they choose to not close their house, leading someone else to not close, etc. Volatility, lack of protection, uncertainty of price of markets... ultimately it's a system set up to fail on a large scale when the going gets tough!
Ty - the process certainly is different ..... It has evolved over the years at a different pace and direction in the various countries around the globe.
At least here in Canada we labour under the illusion that the property is ours to do with as we see fit. until we realize the bank, the municipality, the region, the province, the feds, conservation associations, boards, tribunals, deed restrictions and other people all have the ability to affect our 'quiet enjoyment of the land' and all that it offers
Foreclosures are still happening in every city but many are speculating that the crisis is over and we're on our road to recovery. It's better to be slow than never. By the way, if you think it's time to have your own place in Nottingham, why not try this great option of <a href=http://renttobuyinnottingham.co.uk/properties/2br-beeston-rylands-be-quick>rent to own homes</a>. It's the best option you have these days. Good luck in everything!
Lisa, it may be a slow recovery but that can be a good thing.
Ty
It is possible for foreclosure properties to reach a waiting sellers' market with a new web portal which promises to sell a property within 12 weeks or pay $165/ £100 GBP each week until it is sold. Could possibly become a very useful source of FREE listing www.gowerassociates.biz
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