Is buying properties from the hands of LPA receivers worth the risk?
Let’s say you do get a good deal from an LPA receiver. Aren’t you going to be so what, motivated or sweetened, as they say to at least buy some of the properties if you’re getting a good discount? Of course you will. I think anybody that’s looking for a good deal, is most likely willing to.
What I’m saying is you have a property that’s discounted. It’s a very, very lucrative price being sold by the LPA receiver, are you not going to be enticed in buying it even if you think that the risk that the receiver does not have the right or the power to sell that property?
Well, most people wouldn’t be aware of the risks because they’re not well known or commonly documented. So I think the common investor probably look at on the face of it thinking that it’s a bit of a done deal, but that delving a bit deeper into purchasing something. They may find that it’s going to be a ported sale.
How will it become a demanded sale? Will it be the actual mortgage or that an individual has the right to take up a claim against the LPA receiver appointed by the bank for illegally selling the property?
If we are appointed to assist you with your matter, we would look to make a deal with the bank that we’ve been able to structure a finance package for the client. So all the debt to the bank can be paid off or we would make it known to the bank that we found a buyer that the bank is satisfied with, and they’re happy to receive payment and get all their debt paid off.
Would it be the solicitor who would undertake the responsibility for checking the papers of the documentation to confirm that the LPA Receivers actually have the right or the powers to repossess the property? If the solicitors acting for you do their due diligence to ensure that the property is really able to be sold by the receivers, it can be found that most solicitors as they are paid by the banks will act in favour of the banks and they tend to be compliant working with LPA receivers as that is in their best interest.
The best technique to buy from LPA receivers to come and talk to us and let us know what your situation is and we would be more than happy to help.
How can we help?
We would look to structure a way or buying the property directly from the buyer and cutting out the LPA receivers and we would negotiate no fees for the LPA receiver if possible as well, because technically there’s not much that they do in terms of what they get paid for.
If you want to buy a property from the LPA receivers, come to Lakhi Singh The Property Fixer, and he will organize the purchase for you, making sure all the eyes are dotted and all the T’s are crossed.
