Do Estate Agents have to diclose offers on repossessed properties?

leosmum96

Hi,

I am new to the forum, and new to the property market. I am a first time buyer, and recently viewed a property this week which is a repossession property.

The property in question has been on the market for 3 months, and I am in a position to purchase the property as a cash buyer.

I was informed by the agent there was another viewing, directly after mine, and on calling the agent today was informed they had received an offer on the property. The agent knows of my position, and that I am able to complete quickly, and I was advised by the inexperienced sales agent that the Manager would be out of the office for the next few days, and that any offer received would not be disclosed.

I would be really grateful if someone could advise, if all repossessed properties are advertised in the local papers under public announcements, and if agents are obliged to disclose offers on repossessed properties.

I am somewhat sceptical of the information I received from the inexperienced sales advisor, but the property is in a beautiful village, and these are the only agents in the village, so therefore do not want to fall out with them in any way, but it does seem a little odd that directly after my viewing the agents have had an offer.

Any advice greatly appreciated.

kingstreet

They are not required to publicise all offers.

If an offer is made which is acceptable to the lender, a public notice is published quoting the accepted offer and giving others the opportunity to make an increased offer upto exchange of contracts.

If a new offer is accepted, no further public notice is required.

The public notice is often set in the agent's usual advertising page and can often be found on Rightmove, or so I believe.

leosmum96

Hi Kingstreet,

Many thanks for your reply. I have done my house hunting back to front as I have funds available to buy, and still need to appoint a solicitor, which I will do first thing tomorrow. This is the first property I viewed, so if it goes higher than I can afford, I am sure something else will turn up.

Thanks again!

googler

kingstreet wrote: »

They are not required to publicise all offers.

If an offer is made which is acceptable to the lender, a public notice is published quoting the accepted offer and giving others the opportunity to make an increased offer upto exchange of contracts.

If a new offer is accepted, no further public notice is required.

The public notice is often set in the agent's usual advertising page and can often be found on Rightmove, or so I believe.

This seems to be an England & Wales only thing, as it doesn't happen in Scotland....

zappahey

leosmum96 wrote: »

The property in question has been on the market for 3 months, and I am in a position to purchase the property as a cash buyer.

I was informed by the agent there was another viewing, directly after mine, and on calling the agent today was informed they had received an offer on the property.

Just be sure that the agent isn't playing you. A sudden burst of interest after 3 months on the market would ring my alarm bells.

leosmum96

zappahey wrote: »

Just be sure that the agent isn't playing you. A sudden burst of interest after 3 months on the market would ring my alarm bells.

This was one of the first things that sprang to mind, although it can happen, I think they are just using tactics. Anway, I have now have a solicitor and viewed to more houses today, so hopefully if the repossessed property does not work out, I certainly have another I am interested in.

Thanks for all your replies.

m00m00

here's an example of a repo, on right move with multiple offers (via property bee)

http://www.rightmove.co.uk/property-for-sale/property-33911609.html

28 July 2011 20:44:14

• Brief Description changed: 38 Fraser street, Newstead Village, Nottingham, NG15 0BN We advise that an offer has been made for the property in the sum of £58,000. Any persons wishing to increase on this offer should notify the agents of their best offer prior to exchange of contracts. Your Move 9 High Street, Hucknall, Not...

21 July 2011 17:41:50

• Detailed Description found: Tenure: Freehold 38 Fraser street, Newstead Village, Nottingham, NG15 0BNWe advise that an offer has been made for the property in the sum of £55,000. Any persons wishing to increase on this offer sho.

ILW

Have you put in a offer yourself?