grr so fed up ;(

wendy16

I am feeling really fed up today, we were buying a repossesion house and were due to exchange contracts on Tuesday and complete on the 4th December.

We had had a few problems with our buyer, (see previous posts) but that has now all been sorted out so we were ready to go.
I received a phonecall from the EA's that we are buying from yesterday informing me that there had been a higher offer on the house but the repossession company were happy to stick with us if we could do something about the completion date.

Lo and behold I have received a a very very short letter from the EA's stating that our purchase of the property was no longer proceeding and that they would assist us with an alternative property. I have tried to contact the EA's but they have been unavailable.

We knew we were taking a risk with a repossession, but we were so close to exchange I feel really upset.

bmunky7

Very disappointing, and an extremely poor show for the EA to go AWOL. Hope something better comes along anyway.

jhe

think i would be calling in to the ea for an explanation. we completed on a repo last month with a supposed cash buyer in the background. we were told that once solicitors were engaged and progress being made the vendors were unlikely to accept another offer unless it was substantially higher.although we were told to complete in 28 days it took around 7 weeks to complete.

wendy16

We are really disappointed, we have worked really hard to get everything ready in time especially with the problems that we had with our buyer and it seemed that just as things were back on track this has happened.

We haven't been given a chance to match the other bidders offers and also we think the timescale (1 day) to try and do something about the completion date was far too short, there was no way we could of got in touch with our buyers solicitors and heard back from them in a day. Also to do it so close to exchange of contracts is horrible.

The letter we received from the EA's was awful, two short lines to be told we had lost the house.

jhe

the estate agent should at least give you the option of putting in a higher offer. they are supposed to be acting on behalf of the vendors who have a duty to obtain the best price on a repo.they wont tell you what the higher offer is from another buyer though. we had a few ups and downs during buying, but the ea kept in touch with us throughout. they should at least speak to you,surely they owe you an explanation as to why the sale has not proceeded.

wendy16

We have had no contact with the EA's since their phonecall yesterday when they told us the completion date was no good and we had to complete by the end of November or they would go with the other couple.

Obviously I spent most of yesterday trying to contact people regarding the completion date and if we could do anything about it takes time to hear back and they expected us to do it with a 1 day deadline.

It is extremely frustrating, my husband has spent nearly all day trying to contact them only to be told that the person we need to speak to is out of the office. The letter they sent gave us no explanation and to say it was a bit of a shock is an understatement.

jhe

thats terrible for you.can you not contact the vendors{dont know if this is possible} or at least tell the ea you intend to[it might give the ea a wake up call]. this other person who is interested in the property would surely be a bit pushed to complete by the end of november.

wendy16

Unfortunately is is with a repossession company so I don't think we will be able to contact them direct.

The EA's told us yesterday that the other couple had a cash buyer the same as us so I am not sure how quickly they would be able to complete, although I would think it would take a little while to be as close to exchanege of contracts as we are

Until we manage to get hold of the EA's I don't think we are going to get any answers, which makes things a whole lot worse.

jhe

well i wish you luck, i personally would think twice before getting involved in another repo, everything is on the vendors terms, right to the agreed exchange we were on edge{ the vendors solicitors were apparantly too busy to exchange on the agreed day} it took a phone call from the ea to the vendors to give their solicitors a gee up. we exchanged the next day.it sounds very convenient that the person you need to speak to is not in the office! in our case there were two ea working in the same office,although one dealt with our property if she wasnt in the office the other one could answer any questions we had. i think i would had hot footed round to the ea and took root until my questions had been answered, if the same had happened to me as what you are going through

wendy16

It sounds like you had a bit a rough ride as well then jhe, it's the constant waiting around I hate.

I don't think we would touch another repossession to be honest, it has been such a rollercoaster I am not sure whether I would ever want to go through it again.

Hubby is going to call in the EA's this afternoon on the way home from work to try and get some sort of explanation but I feel we may just get fobbed off with a load of old flannel.

jhe

hope he gets the answers you are entitled to. it certainly was a rollercoaster with us as well. a bit of a nightmare from start to finish. i cant understand the logic if the vendors have chose to go with the other buyer so close to exchange.