The cheek of it - recvd advert for cheap repo's at work!greenspun.com : LUSENET : Repossession : One Thread
I was at work, when the fax machine rang and I got a advertisement for cheap repossessed houses!
As a repo victim myself, I was well and truly shocked that the anon company were advertising up to 60% off estate agent prices!!!
I thought all repossessed houses should be sold in the same way as any other house but it appears not.
Surely if we got the list of cheap houses we could identify which lenders are flogging houses cheaply and maybe save others the same misfortune we've endured?
What do you think?
If anyone wants to see this fax (no one looking for nice cheap reposessed houses that is!) e-mail me and I'll send it but obviously am going to withold the phone number, I've been screwed out of thousands and I'm not going to help lenders do that to anyone else.
-- (firstname.lastname@example.org), September 11, 2001
Yes please Bev. I'd like to look into this - but please don't email me at this address as its a fake. I'll publish a proper address later, ok?
-- (email@example.com), September 11, 2001.
please email your list to firstname.lastname@example.org
-- (email@example.com), September 11, 2001.
I'd like one as well, please. (No, not to buy!)
-- E Scott (firstname.lastname@example.org), September 12, 2001.
Many thanks to Bev100 for sending these out to me so quickly. It's really blatant stuff, as she indicated: 'Repossessed properties at wholesale prices'. 'Get the "insider deals" normally only seen by the property professionals'. And the small print on both 'adverts' says 'calls cost £1.50 per minute'. So everyone gets to cash in on the repossession under-selling scandal, except the repossessees.
-- E Scott (email@example.com), September 15, 2001.
lets not get hysterical folks.If houses are left empty it blights the surounding area and attracts squatter junkies etc.the houses have to be sold and are often left in a state that an estate agen will not take them on.Realisticly houses are as cheap as chips in certain northern areas and they arn't all repos.a repo in the south or s.e will fetch market value at auction.in the ne and manch liverpoll etc they will still go for 6-8k .Remember the longer the property sits the less it is worth and the debt is mounting.I feelas strongly about companies methods as any one but we have to accept a free market place or every one must rent.As a recruit to the this business 20 plus years ago, my then boss and now friend said'money is the filthiest business in the world,but never take it personally'I never forget those words and neither should you all.
-- roger watts (firstname.lastname@example.org), September 16, 2001.
It's the allusion to 'insider deals' which interests me. If this goes on - and at least one MP I have talked has evidence that it does - then the properties aren't actually being exposed to the market.
-- E Scott (email@example.com), September 17, 2001.
I have details in Davis&Co's letters that my property was initially placed on the market,for £49,950 on 28th April 92.They (Abbey) received an initial offer on 27th for £35K, which was declined. My question is, unless the property was being classified as a repossession, which normal house buyer in any market would offer nearly 30% less than the asking price, THE DAY BEFORE the property was "initially placed on the market"?? The original selling price 4 months previously was £84,500, but unfortunately the buyer pulled out.Why did Abbey not contact the original selling agents for a valuation, I wonder??
-- (firstname.lastname@example.org), September 17, 2001.
To back up the answers above, at the time our house was sold, my wife and I were told by a neighbour, who had spoken to the buyer of our repo'd house, that the buyer's mother had bought the house for them as a gift - the mother (they said) worked for the estate agent instructed to sell the house.
I also know of a business which sells a guide/course to do with making money from property, and the advertising material suggests that in this guide/course "you will get all the information you need on how to get property on the cheap, including repossessed properties" or words to that effect.
-- (email@example.com), September 18, 2001.