Buying a reposession - estate agents messed up

martini75

About 6 weeks ago I saw a property and offered the full asking price, as I knew it was priced reasonably. The agents explained to me that the house had to stay on the market and be adertised twice and the reasons for this, but that if anybody called up about it they would say it it was sold.

Since then I have had a survey completed, had my mortage offer, signed the contract ect and was about to exchange and complete last Friday, my lender had released the funds and everything was ready. I then had a call from my soclicitor saying there was a problem with the second advert which the asset management company won't accept as it only detailed the area and not the actual road.

The advert is going back in the paper tommorrow adn I have to wait for 7 days after that. the plan is now to exchange and complete on Thursday next week.

Although no higher offers have been made, i'm concerned that the estate agents are starting to mess me about, I mean I don't understand how the problem was not picked up way before we were about to exchange as the advert went out quite a few weeks before.

Does anybody have any advice on my situation??

kibs88

Unfortunately this can happen all the time.

You stated you feel the EA are messing you about, this has nothing to do with the EA, if they have been told to advertise again then they have to, it is a legal requirement!

It sounds like the asset managment company are trying to follow all the correct proceedures, as far as I am aware when the advert went in for my offer on a repo the ad had to be approved by the asset managment company, if this hasnt been done then I can understand how they are re doing it as they are legally obliged to get the most amount of money they can for a property to cover their debt.

I feel for you, I am supposed to exchange today on a repo, but still have heard nothing, I am sure that even if another offer did come in at this stage unless it is substantially over the asking price they will not consider it as you are so close to exchange, that is one good thing, you have that to bargain with if another offer does come in.

Good luck!

ognum

Consider this from the point of view of the poor person whose home has been repossessed. It is an absolute obligation of the assett management company who have a right over the property to protect the interests of the morgagee and to get the most possible for them.
A repossesion is never yours until exchange if another buyer insists on looking at it even if the estate agent says its sold they can. If they put in even a slightly higher offer the assett management company is obliged to investigate it.
I know its hard but it is the law and there to protect from back room sales to friends of friends that scam the poor people unable to keep up their repayments.
Good luck, but you should have been made aware of this by the estate agent.
Always remember as a buyer the estate agent is not working for you he is working for and being paid by the seller.

Doozergirl

I am sure you will be fine. They have someone ready and willing to exchange and complete before someone else can barely get together proof of funds. Any offer would have to be significantly better than yours to be accepted.