The topic for today is about risk and the risk is can you actually buy properties from an LPA receiver?
If you’re buying the property from the LPA Receivers, is it legitimate that’s the first concern?
Are you actually buying from somebody who has the right to sell because it may be an issue if this is not the case? So, we like everything to be correct and proper. I’ve grown not to expect perfection. I think that comes with maturity. But you realize there is nothing out there that’s going to be perfect.
So the questions are:
- Is there a risk?
- Are they just as safe as buying from an estate agent?
- What are the LPA Receivers authority and the topic of the week or the same for the week?
To answer those questions in a very simplistic way yes, there is a risk of course. But as the famous saying goes, with big risk comes great rewards. LPA receivers’ only concern is to possess the property and sell it fast at the best price so from buyers prospective; you have a great opportunity of getting the property for BMV. The other benefit of this is if you approach the LPA receiver at the right time and at an early stage, you are more likely to get the property discounted and because the property has not put in the market yet, there won’t be much competition.
The only issue may revolve around whether the LPA receiver has repossessed the property without abusing their rights by not adhering to the Law of Property Act 1925. This could then mean despite the property being in a position ready to be sold by the receiver the matter could be taken back to court by the original owner and it could be a mess.
I’m just saying that it depends on the circumstances. In certain circumstances is better to do things. Get them done. Doesn’t really take much planning to make a cup of tea, for example. So you better done than perfect. And other instances, if you’re doing a large project, sometimes the better you plan things, the better the outcome. So, there’s a balance there between action delivery planning, but it is actually excellent.
Actually, there are two fundamental approaches to project management. For example, when you’re developing one called rapid application development, which is and you just basically do iteratively. And it’s a lot more innovation involved. But you’re just doing everything the yeah, by the fly. And the other one is the waterfall methodology, where you plan everything ahead of time, organize it, have a process, and then you review it, and then you improve it. It’s more like a stepped approach to what when you call it waterfall.
