Repossession and Public notice

ritani

Hi,

I viewed a repossessed property last week which was new to the market. We liked the house and were planning to put an offer in but after viewing it on the Friday we went off on holiday on the Monday delaying our offer. On return we were informed by the EA that it went to sealed bids and an offer had been accepted by the bank. As we were not part of the bidding we could still submit an offer up til exchange of contracts so have waited for the newspaper with the public notice price in so we know how much to bid. (The EA informed me which paper and release date.)
Fast forward to today and the paper has arrived with no public notice. I have spoken to the lady dealing with the sale whom firstly informed me that they do not legally have to do a notice now an offer has been accepted. I told her of my prior conversation with her colleague a few days earlier and she said she would look into it and call me back. After no phonecall I chased it up and have been informed that the newspaper should have printed it and they will chase it next week and get back to me.
I guess what i'm asking is do you think the EA is trying to stall me putting a higher offer in so the sale exchanges? And are they legally obliged to print a public notice as I know they have to be seen to get the best price possible for the property? I am just concerned as the paper they use is a freebie once a month only print so if it goes in next month it may be too late.
I'm not sure if its relevant but the sealed bids went above the asking price but the EA can't tell me how much.
Thanks for reading, sorry its so long!

Sonofa

On the face of it, it sounds like a lot of p ussy (I can't believe this software censors pu ssy) footing around if they say 'we'll get back to you next week' to tell you a figure that was supposed to have been publicly advertised this week. They obviously know what the figure is, so why delay in telling you, unless.....

m_13

Is the property on rightmove or another website? Often the seven day notice text is on there.

It does sound like you are caught between a rock and a hard place but if you went on holiday without making an offer or leaving your contact details with instructions to be contacted if offers were made then I don't know what you expected them to do!

You'll find other posts on this forum from people who had the highest offer until the last day of the seven day notice when somebody made a higher offer and they lost the property so it is possible you can do this and get the property but it sounds as though you'll be paying a lot more than you first thought when you viewed it.

The notice should have been in the paper but as the property went to sealed bids whilst you were on holiday then you may well be considered to be excluded from the process and unable to complain about the lack of notice.

It sounds like you are going to have to let this one go .....

poppysarah

did you look at the HIP? You could see which bank it is and find out what process they prefer to use.
Being snidey can be a sign they're passing it to a friend of a friend. With so many repos is anyone checking they get done right?

LisaLou1982

The agent isnt under a legal obligation to post a public notice - this is dependant upon the lender who has respossessed the property although it is generally the norm that a notice will be published - particularly if an offer was accepted below the asking price. It is more usual that a notice is not needed if the offer accepted is over the asking price.

FraudBuster

If the purchaser is a friend of the EA.........................

ess0two

You snooze,you lose.

ritani

Thank you everyone for your helpful replies. I will just wait and see what the EA says on Monday regarding the public notice not going to print.
I was planning to put an offer in on the Saturday but the EA wanted to see proof of mortgage etc on the Monday and due to holiday I was unable to do so. Probably a good job as I would have only offered asking price and would now be exempt from making a higher one. If it goes to public notice we stand a chance, if not, thats life!
Thanks again all