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  • Buy-to-Let

    Is national-residential.co.uk honest?

    i am browsing the web to possibly try and find a buy to let investment.

    i am still a novice.

    i came across this website national-residentialdotcodotuk ( as i am new i cannot post links yet)

    which seems to list online auctions.

    i am trying to find out if people sense they are honest or if they are another website just trying to make as much as possible and i will end up losing.

    their testimonials page does put me off a lot as it looks fake. but on the other hand being a novice i cannot really see any pitfalls as it does not cost me anything unless i win the auction according to my understanding which may be wrong.

    i also saw this link national-residentialdotcodotuk/house-buyers/register
    which seems like even if i win the bidding the seller is not obliged to sell it to me so i am not so sure now at all.

    looking at the section titled 'Successful Bids and Agreed Sales'
    it seems there is a fee to pay which is deducted from the final price which is fair but then the seller can still back out and i will loose this fee. it also seems that they can shill bid (my understanding is auction houses can do that too) and have a hidden reserve price so even if i win the bids i may not be able to buy the property.

    please do let me know as i am still a novice

    thank you
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    Good Morning
    Why can't you just go to an estate agent and/or auction yourself and find a property that you can invest in?
    IMO your first investment should be relatively near to where you live so you can be hands on and gain real experience and knowledge.
    Obviously your decisions are affected by whatever your financial and social situations are.
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    thank you for replying.

    the property i am looking at on their website is quite close to me.

    i would prefer to get a slightly below market property just in case i have to sell quick i can hopefully recoup most of my money quickly. As opposed to an estate agent where the price can be quite high and i can loose a lot if i need to sell an auction is usually slightly below market value (although not always but mostly according to my understanding)

    i don't always have time to go to an auction in person so i prefer online.

    i am just trying to find out if this website is mostly legitimate as i have seen reviews about another website called iam-sold on money saving expert saying that people have been done in with £6000 fees

    thank you for your help
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    PM or email me a link to the property
    if you cant do it on here 'cos your new do it thru my website
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    Hi Jsmith - did you get any where with whether discovering national-residential were reputable or not?

    I ask because I too am interested in one of their properties but like you (did) feel that there could be something amiss...

    Any advice gratefully received.
    Thanks
    Martin
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    Just had a really poor experience with them. Couldn't get in to view the property. Problems with unhelpful tenants apparently. We bid anyway as we know the block and have bought other units in there. We were the highest bidder when bidding closed but National residential claimed they couldn't get a hold of the vendor to confirm acceptance of our cash bid. A few days later they opened the bidding again claiming it was just an internal process while they waited on confirmation. Suddenly we were receiving texts to say bidding was coming to a close and did we want to increase our bid. We still had the highest bid. Finally our bid was beaten by £500 a full 12 days after bidding ended.

    This is the first time we have ever tried to buy through these guys and it will be the last. Years of experience and you get treated like some fool who doesn't know that you are being played. Like you haven't seen every wide boy and chancer in the past 15 years of residential investment.

    The model is fundamently flawed and expensive. Foxtons will sell for less. Do yourself a  favour an avoid like the plaque.

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    I'd steer well clear. I also went through their drawn out auction process. I was the highest bidder and received a congratulatory message that i'd purchased the property with details on how to proceed and immediately paid my deposit. Then they accepted a higher offer. They seem to be lacking in terms of business ethics/morals. I won't deal with them again. Maybe they're great from a sellers perspective, but from a buyers perspective they're a bunch of cowboys.

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    It is unfathomable to me why would someone use them to sell a property in their 'latest technology' auction. If you want to get a quick sale and fair price, go to a real auction. If you can wait and want the best price, let any local EA dealing with it.

    As a buyer I will stay well away from this lot. Time wasters.

    So the story is, a local distressed unmortgageable property. One chap rang me today to ask if I will be interested in making an offer. He told me there is an offer received at £300k. Before I can finish my reply, the chap slang the phone on me.

    My reply was, 'Thank you for be in touch, for this price I won't make any offer. And good luck to ...'

    The property has been flopped on the market for this price since May.

    I think it will still be on the market next May - at this price that is.

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    Hi TinkerT,

    Is this property in Reading by any chance? As i believe they have just told us the same thing?

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    I have encountered a similar situation with NR -= I received texts for a month with the bidding going higher. And last minute they have put the property back on the market - saying the previous sellers withdrew their bid. Does anyone know anything more about the company?

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