Offer accepted on property now it has been put back on the market.

Entertainer

I had an offer accepted on a property ten days ago. I am a cash buyer which I have proved and I’m ready to exchange immediately. The property appears to be being sold by a repossession company although there is a lady still living there who I believe is finding somewhere else. Initially, when the offer was accepted, I got a letter from the agent saying that the property had been taken off the market but now I have received a letter saying “upon the instructions of our vendor the property is to remain on the market”. It is still showing on Rightmove with no change in its status. I have still not heard from their solicitor at all so no draft contract.

I am obviously concerned about this and the possibility of being gazumped. Having just been on a futile, five month wild goose chase with another property, I’ve had it with the chicanery of this process so don’t want to mess around this time. Should I be concerned by this and what should I be insisting on (taking it off the market perhaps?)

Slinky

Many years ago I worked for a breif time in an estate agent's office. With repossessions even if an offer had been received the property would continue to be marketed and a notice would go in the paper saying that an offer of £xx had been received, anybody wanting to better it had 7 days in which to do so.

My understanding is your situation is fairly normal in this sort of case. What you should be doing is moving heaven and earth to get to exchange as quickly as possible.

poppysarah

Get the exchange done quick.

Cash means you should be quick.

You can exchange and complete within a couple of weeks easy if you're not waiting on slow solicitors, surveys or mortgages.

A solicitor who deals with auction stuff will be speedy.

Entertainer

The curious thing is that it doesn’t seem to be the normal repossession situation as you have described, as there doesn’t seem to have been any ads in the paper and there wasn’t even a board up outside it when it was marketed. The agent was also coy about who the interested vendor was when I had made the offer and they were considering it- he just said it was a bank.:huh: I now know the vendor is Countrywide Repossessions according to the Memorandum of Sale.

G_M

I now know the vendor is Countrywide Repossessions

So it's a repossession. These always stay on the market till exchange. Sometimes in the paper sometimes not.
With a repo, the only certainty is that the sooner you Exchange, the sooner you are secure.

Make sure you get vacant possession though - a sitting tenant/reluctant repossessee would be a nightmare!

Entertainer

G_M wrote: »

So it's a repossession. These always stay on the market till exchange. Sometimes in the paper sometimes not.
With a repo, the only certainty is that the sooner you Exchange, the sooner you are secure.

Make sure you get vacant possession though - a sitting tenant/reluctant repossessee would be a nightmare!

Do you know why I initially got a letter saying "upon the instruction of our vendor the property has been withdrawn from the market"?

Chinkle

Estate agents error?

Slinky

It sounds like you got the 'standard' letter a 'normal' purchase would generate by mistake.