Help!!!!!

kibs88

Hi.

Me and my partner have put an offer on a repossession (or so we thought)!!!

Our FA has been chasing the EA for a week now to find out if they have put the offer forward to the repo company. She has been fobbed off so many times and told that they have not received our financial info (which she has faxed 3 times) after this they have told her they have put the offer forward. (Yesterday)

Today we received a phone call from the EA (strange as they are supposed to be going through our FA) saying that another offer has been put on (even though there has been no interest for 5months) and so they havent given the offers to the repo company, they are waiting until monday and we are expected to give our highest offer.

I was under the impression that ALL offers had to be put to the repo company? and that it is the repo that decides which path to take i.e. best offer or sealed bids?

We are desperate for help as we are unsure what to do now, as none of us are convinced by this story.

Anyone in the business PLEASE give me your view on this!!!!!

poppysarah

have they just reduced the price (property bee for rightmove on firefox will help)

SarBear1980

If your FA still has the fax confirmations, you can take the EA to the Ombudsman. They have to abide by their rules and they have to submit all offers to the client within 24hours of receiving it.

And yes, they HAVE to submit all offers to the client, regardless of value but their excuse will be the repo company are looking for the greatest value of cash, not your situation. Unfortunately it's all that repo companies are interested in. They don't care for your circumstance.

Sound like a bunch of cowboys to me!

poppy10_2

EA is probably lying to get you to up your offer. Call their bluff.

karenthemummy79

Hi - A similar thing happened to me - I phoned to put in an offer on a repo to be told that 2 other offers had come in on the same day! They did put the offers forward but were told by the asset management company to go to final bids. We then went in and offered full asking price of £149950 to seal the deal and they accepted. (while I was in the office and the EA was upstairs making the phonecall, I 'overheard' her saying that the other 2 offers were £135 & £140 and that they are unlikely to go up to asking price!!).

I was then phoned to say the offer was accepted with the condition that we exchange within 28 days and subject to a public notice!!! (ad in the paper advertising our offer and inviting higher offers before exchange).

I was furious as I had not been told about the public notice and felt I wouldnt of rushed in with full asking price had I known as I would of just been able to outbid the winner when it was in the paper so I then reduced my offer to £145 and finally agreed on £147500.

My advice to you would be to find out in advance if there is going to be a public notice and if there is dont panic into putting in a higher offer as you will still get your chance further down the line! We nearly got gazumped on the day of exchange but the other bidders withdrew their offer so the asset management company will consider other offers at any stage!!

Good luck - the whole thing is VERY stressful and if you do win it - be prepared for another offer to suddenly come in right at the end too!! There seems to be a regular pattern on here!!
xx

SplanK

I thought all Repo's end up having a public notice of the "accepted" offer thats on the table - at the end of the day - all the repo people are interested in is getting the highest value - they wont care who they screw over in the process!

chickmug

SplanK wrote: »

I thought all Repo's end up having a public notice of the "accepted" offer thats on the table - at the end of the day - all the repo people are interested in is getting the highest value - they wont care who they screw over in the process!

What about the poor people that used to live in the 'repo'