9:30 AM, 14th November 2024, About A year ago 26
Text Size
Categories:
Hello, I made a bid on a property in an auction without doing due diligence but the bidding did not meet the reserve price. The auctioneer then contacted me to ask if I wanted to make a post auction on the property.
During the email conversation, I stated that my maximum offer would be £41,000 but did not make a formal offer.
Instead, I started to ask questions about the property. The property had a tenant in situ and having made the error of bidding without doing proper due diligence, I felt I now had the opportunity to make any enquiries/ask questions before deciding whether to make a formal offer or not.
However, after emailing my first questions, the auctioneer replied within an hour as follows:
“We have sent over your questions to the vendor so we will hopefully get the answers back to you shortly ?.
In the meantime I am delighted to advise that your offer of £41,000 has been accepted. Congratulations!”
I was bewildered and in a state of panic as I assumed I was bound by auction T&C’s and obligated to go ahead with the purchase. Foolishly, I then paid the deposit and Buyer Premium and completed 28 days later paying cash.
Three days after paying the deposit, (and prior to exchange of contracts) I did email my concerns at how it was handled to the auctioneer but was basically fobbed off.
However, when I pursued this after exchange of contracts, I was then told I could have pulled out prior to exchange of contracts as it was a post auction offer.
I am now in the situation where I own the property. There is an AST in place until 21/12/2024. I do not have any keys to the property. I have contacted the agency named on the contract but they have not replied to my emails.
The auctioneers gave me another agency to contact but, again, they do not respond to me. The auctioneers also gave me a number of the tenant, but this just goes to voicemail and is ignored.
I have not received any rent.
I would appreciate any advice on this matter.
Thank you,
Mike
Every day, landlords who want to influence policy and share real-world experience add their voice here. Your perspective helps keep the debate balanced.
Not a member yet? Join In Seconds
Ian
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Member Since March 2019 - Comments: 6
13:32 PM, 15th November 2024, About A year ago
Reply to the comment left by Mike O’Sullivan at 14/11/2024 – 23:32
Hi Mike,
Is this an auction company from Birmingham by any chance (not wanting to put the name in the forum), as although a different situation it sounds extremely similar and I realised what was happening and pulled out before completing.
I am in the process of recovering monies paid through the banks and raising the issues through the property ombudsman/property mark to try to ensure others don’t become victims to the fraudulent practices they are using. I’m not sure if there is a way to direct message through property 118 but happy to chat more about it directly if useful
Mike O'Sullivan
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Member Since November 2024 - Comments: 7
14:07 PM, 15th November 2024, About A year ago
Reply to the comment left by Ian at 15/11/2024 – 13:32
No, this is in Manchester.
I’ve made a little progress today so things may not be as bad as I feared although I don’t want to speak too soon.
If we could chat directly it would be interesting to compare notes.
Ian
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Member Since March 2019 - Comments: 6
19:41 PM, 16th November 2024, About A year ago
Reply to the comment left by Mike O’Sullivan at 15/11/2024 – 14:07
Can’t see a way to DM on here so if you want to email me on hello@dabpropertiescumbria.co.uk then happy to talk more
Lisa008
Read Full Bio
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Member Since June 2022 - Comments: 110
14:48 PM, 17th November 2024, About A year ago
Did you even view the property?
Robert Sled
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Member Since November 2022 - Comments: 41
12:42 PM, 22nd November 2024, About 12 months ago
Reply to the comment left by Mike O’Sullivan at 14/11/2024 – 23:32
I would recommend an eviction specialist rather than a general solicitor. It’s like if you had to do a full rewire on a house. Would you hire a general builder who does all jobs or an electrician who understands all the intricacies of this aspect in great detail?
I think specialists can often yield the best results.
Please keep us up to date as this all progresses. I hope you have found a bargain
Mike O'Sullivan
You're Missing Out!
Members can reply to discussions, connect with experienced landlords, and access full member profiles showing years of expertise. Don't stay on the sidelines - join the UK's most active landlord community today.
Not a member yet? Join In Seconds
Member Since November 2024 - Comments: 7
16:23 PM, 7th January 2025, About 10 months ago
Robert,
Since our last communication, I have some clarity on the situation.
Eventually, I managed to contact to Housing Association who had the corporate tenancy. The property is rented to a Housing Association who sublet the property. After some probing, they paid the rent in November and agreed to pay subsequent months by standing order. However, December’s rent was not paid until I chased it. They suggested that they would be interested in renewing the contract by 3yrs, but when I try to discuss/arrange this, they ignore me.
However, of more concern is that I have never had access to the property and despite requesting access to via the Housing Association, I have so far been unable to arrange access to the property. The Housing Association wrote to their tenant but did not receive a reply so gave me the contact details. As the tenant is their tenant, I’m not sure I should be contacting the tenant myself.
Nevertheless, I wrote to the tenant on 16th December (not by registered post) and on 24th December the Royal Mail returned the letter saying “address inaccessible”. As the letter only needs to be put in the letterbox, I find this very concerning.
I did inform the Housing Association of this on 24th December and they acknowledged my email and said they would investigate. Accepting the holiday period, I have not heard further to date.
I would appreciate any advice on this matter.
Thanks.
Mike