Repossession property - different ways of selling?

lasci

A quick question re. repossessions... I was on the understanding that once an offer has been accepted on a repossession there was a legal requirement to publish that offer in case there are higher offers out there. Therefore leaving yourself open to gazumping far more than usual.

I am going to see a property tomorrow (repossession) where the EA has said it is being sold in the normal way, ie. they do not have to advertise the offer and once an offer has been accepted it is a done deal (as done as deal can be when buying in England anyway!). They seemed to think this was another way repossessions are sold.

Is this correct or am I being misled?

Thanks for any help anyone can give!

G_M

It depends to some extent who the vendor is. A mortgagee (bank/BS) will do as you indicate - publish the agreed price.
However I'm watching a property being sold by accountants on behalf of The Official Receiver which is being 'done up' prior to sale in the normal way.

But my advice is to assume you can be gazumped and proceed on that basis. ie minimise your outlays.

poppysarah

Normally public notice and 7 days or public notice race to exchange.
Someone explained it better in an earlier thread but it's long lost from my bookmarks.
Unless there's so many repos they'll just do anything to sell them? (In which case offer low)

lasci

The EA seemed to imply the vendor was the current owners, which doesn't make sense at all for a repossession. I will ask lots and lots of questions tomorrow I think!

princessamy86

Sometimes the lender requires the offer to be published, sometimes they don't. If the vendors are still in there, they may have negotiated a timescale to try and sell their house before they get repossessed, so that might be a reason why the EAs have said it is being sold in the normal way.

lasci

It turned out to be a repossession in the normal sense, the EA who I spoke to was new and didn't know what they were talking about!