Jon Ison
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| posted on 4/6/14 at 08:56 AM |
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Corparate sale ?
Wasn't sure where to ask this, anyhow we have a acceptable offer on our property and have a new house in mind that we have viewed twice.
To complicate things further swimbo as just found a dream property which we have arranged a viewing for early next week, its a "corporate
sale" we are in the lucky position of been mortgage fee with no mortgage required to purchase either of the two.
Until 30 minutes ago I had never heard the term used nor understood what it means, I have now heard the term but still not 100% sure of the
implications.
Does my brief Googleing summarise correctly, we view, we like(?) we put an offer in, if its excepted we move as quickly as possible as the house is
still on the market and open to offers until such time as the sale is complete ? We could end up in a bidding war ? Should a bidding war start and we
have accepted an offer on ours where does that leave us if the bidding war exceeds our finances and we have to stop ?
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fesycresy
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| posted on 4/6/14 at 09:14 AM |
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I saw a nice low priced rental, so arranged a viewing, where 12 other people turned up at the same time.
We were all told that it was a corporate sale, and as far as they were concerned they would accept higher offers until the contracts exchanged.
I always thought a corporate sale was a 'company' sale, as in a company liquidating it's assets of property. But they said it was a
repossession and the lender wanted the maximum money back.
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The sooner you fall behind, the more time you'll have to catch up.
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Brook_lands
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| posted on 4/6/14 at 11:02 AM |
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Usually corporate sales are repossessions or liquidation sales. The reason why they will accept offers right up to exchange of contract is that they
are duty bound to maximise the value realised. Down side is you can have a deal snatched away at the last minute after some considerable
expense/investment.Up side is you can get a bargain.
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Ben_Copeland
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| posted on 4/6/14 at 02:10 PM |
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We bought a repossession and had to complete within 30 days. They advertised it in the paper trying to get someone to out bid us.
Very stressful and you literally have to fight and ring every day to get anyone to do anything quickly.
Ben
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