Repossessed House - EA not particularly helpful?

CookieMon

Hiya all, just want a little bit of advice as to whether the EA is answering questions normally or is pulling some sort of sly one...

Basically saw a property last weekend on the internet which we could tell from the pictures was a repo (toilets with yellow tape on etc). My OH phoned the EA on the Monday to enquire about the property and was told that it was due to complete in 2 days and that it was on for higher than the asking price but did not willingly give details of the price just stating that offers were for "significantly more than the asking price". As OH is a bargain hunter he didn't push it and we thought nothing more of it, especially as a search he did mid-week (he is pretty sure) showed the house was no longer listed.

This weekend however I was looking again and found the same house on the internet. This time I rang the EA regarding the property and asked about a viewing. I was told again that the house had high offer on it and was due to complete in the next few days. I then actually pushed the EA to give me exact details to which I was reluctantly told it had been put on public notice (where it goes in the local paper I think?) for the asking price, but that they had offers "significantly higher than that already" but there were some issues with the paperwork and fees (?). She didn't seem to allow a viewing appointment or tell me the higher offers and as I am quite an inexperienced FTB wasn't sure if I could push or not.

So can we push to have an appointment to see the property? I thought that if a repossessed property comes to market they have to let all interested parties see it until contracts have been exchanged and as that hasn't happened yet surely we are able to see it?

For some reason the conspiracist in me has a feeling it's one of the EA or the EA's mates who is looking to buy it and they're trying to put off prospective buyers....:rolleyes:

cattie

They don't have to let you see it, but they do have to pass all offers on.

Some repossessions do block viewings as oppossed to individual viewings.

If the property is due to complete in 2 days then they have more than likely exchanged contracts already.

If they already have offers that are significantly higher than asking price, and many repo's are indeed selling for a lot higher than asking price, then they may feel if the purchaser fails to complete for any reason, they have somebody else with a good strong offer & able to complete quickly ready to step into their shoes.

No estate agent has to tell you what other offers stand at.

Lindy_Loo_3

Hi CookieMon

We went through the same thing recently and when the deal didn't complete we were offered a viewing and it went to sealed bids (obv didn't win )

The EA have a legal obligation (please feel free to correct me if I'm wrong) to pass on any offers and are supposed to allow viewings right up until the last minute although some lenders / repo companies would rather see it through with the current bidder rather than beginning the process again.

It really is a stressful thing trying to buy a repo and you need to bear in mind that should you manage to view, put in an offer and get accepted then someone could come along later and do the same thing to you.

However, if the house means that much to you then you can't lose anything by asking the EA if you put an offer in would it be passed on?

Good luck whichever way you go.

CookieMon

Thank you both of you!

cattie wrote: »

They don't have to let you see it, but they do have to pass all offers on.
...
No estate agent has to tell you what other offers stand at.

Cattie, I didn't know that for repos! We primarily have been looking at resales being marketed by the mortgagees and aware of it there, but were interested in this repo cos on the surface looked very good VFM! I thought for repossessions they were obligated to tell you the offers on the table otherwise you'd end up making offers willynilly!

Lindy Loo *hugs* I can only imagine having that happen - it's taken us 6 months or so to find a house we even think may be making a bid on, I understand it could happen but hey, if you don't at least try....