Want to purchase a house that bank is forcing sale of

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ash26

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Hi All

I recently found a house i would like to purchase and when i rang the auctioneer he advised that the bank is forcing the sale and that it is going to auction in november. He said there is already been an offer which is over the reserve and they haven't accepted it which i find unusual!
I want to find out if there is a way of finding out who the bank are and contacting them directly? I also know this house has an issue with rising damp so that is why they are finding it hard to sell. This however does not bother me because if we purchase the property i will be knocking the extension.
Has anyone any experience in dealing with a situation like this?
 
My understanding is that the auctioneer will open the bidding at the price being offered and the bids will go from there. The bank will not entertain you btw. Why do you want to know anynore ? The auction will reveal all.
 
Thanks elcato, the reason i wanted to contact the bank directly was to make an offer and try stop it from going to auction as i am afraid it will go for way over the odds as it is in a really good location.
 
Then you need to put your offer to the auctioneer as he seems like the middle man unfortunately. No harm in putting a price in though.
 
Oh, you're looking for a favour !! Golden rule, in case you weren't aware, is that Banks and Insurance companies don't do favours. And as for estate agents and auctioneers they'll do you all the favours you want, as long as you pay them
 
Don't waste your time trying to contact the bank, if you think it will go way over the odds, and Estate agents know their business, why would they want to settle short of that. ?
 
ash26 said:
Hi All

I recently found a house i would like to purchase and when i rang the auctioneer he advised that the bank is forcing the sale and that it is going to auction in november. He said there is already been an offer which is over the reserve and they haven't accepted it which i find unusual!
Click to expand...

Nothing at all unusual about this, and sounds like two bidders already so that auction should get a great price for the bank which means that the borrowers will owe less or more likely at least the taxpayer will also not be liable for too much of a shortfall.

Banks dont' want you to contact them directly that's why they hire middleman called Auctioneers. Is this an Allsops auction?
 
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