Receiver sale

A house has come up for sale and we are interested in buying it (cash buyers).however it's a receiver sale so we are looking for any input on such a sale.
Is it a straight forward process or is there anything we should be made aware of ?
Any advise would be great.
Thanks

It will take ages and ages and ages for the sale to go through.

No reason why sale can’t be quick - depends on multiple factors. Make contact with receiver and tell them you are interested to progress ASAP

Receivers are hard to bargain with.

They have a mission. To recover money for the debt - but they have to act responsibly

cmalone said:

They have a mission. To recover money for the debt - but they have to act responsibly

Click to expand...

So let's assume they have the house advertised at 200k,our offer would be 200k.im assuming they have factored the debt into the sale price ?
At 200k it's a very good price,maybe even below market valve but the agent has on the add AMV 200k.

Duties and responsibilities of receiver can be read here ... https://www.carson-mcdowell.com/news-and-events/insights/receivers-duties-powers-and-pitfalls

One more point on receiver sale and I don't mean to put you off or scare you but in the past sabotage has been used by the injured party in the debacle. There has been one or two that have made court and a poster here mentioned getting threats from strangers and dodgy calls. Worth checking out if this has been ongoing for a while and if there were any sale agreed previously to get pointers.

I give a very short talk on this issue.

It has one slide: DON'T

Why?

Receivers will resist providing virtually all documentation e.g. planning paperwork and even sufficient title.

They do this on the basis of having limited knowledge but, honestly, I think it's just down to being plain ornery...........

It usually takes a lot longer than an average sale - for some reason, there never seems to be any urgency.

The OP is a cash purchaser which does make things a lot easier - where there is a mortgage involved, a purchaser's solicitor can seldom certify the title to the lender and it all gets horribly complicated.

The easiest title is registered ( there is a folio) with no planning issues- ideally built pre-1963.

This would be a rare enough situation- there is almost always a planning issue.

mf

I bought my cottage 5 years ago and it was a receiver sale with a greatly reduced price. Like you, I was a cash buyer. The estate agent who was selling it was very easy to deal with and kept me up to date with everything. The cottage went up for sale in July, my offer was accepted in August and I got the keys beginning of November so it was not a long process for me. However I was quite pro-active in the sale and made it clear that I wanted things moving quickly. Your solicitor will do all the checking and chasing but just make sure to have all debts, LPT etc taken care of by the receiver so that you have no problems afterwards. You should have a survey done - I had mine carried out once my offer was accepted. Good luck!