Buying a repossession - public notices

hbsource

Hi.

I've been searching through old threads about buying a repossession but I can't find an answer to my question.

My partner and I have had an offer accepted for a repossessed house. The public notice was put in the local paper last week. Just before the notice had run it's course the EA called me to say that they had received a higher offer and we would need to increase ours.

I asked how much the other bidder had offered. 'Can't tell you,' said the EA.

'That's OK', I said, 'I'll just wait for their offer to be listed in the paper like ours was.'

'We won't have to publish their offer because we have already published an offer in the paper and that's all that's required,' said the EA. 'The other bidder can just go ahead and buy the property now.'

This can't be right, can it? Our offer was published in a newspaper but theirs can remain a secret.

I've tried the OFT, CAB, my solicitor, the National Assoc. of EAs and the Property Ombudsman. No-one seems to know the answer. The only thing I can now do is launch an inquiry through the Property Ombudsman, which is what I shall be doing this afternoon.

I thought I would register and post here to see if anyone had been through something similar?

Thanks.

Harry

poppysarah

Write to your MP.

As taxpayers who own the banks - all repos should be dealt with in clear and open way. This sounds underhand!

hbsource

That's a good idea. I shan't tell the MP that I voted for the other guy.

nomoneytoday

The EA has to show your offer in the paper, and also has to get the best price for the property. They also work for the seller, not the buyer.

paddyrg

Tell them you'll consider upping your offer, and as their obligation is to get the best deal for their client, you trust they'll pass it along

hbsource

nomoneytoday wrote: »

The EA has to show your offer in the paper, and also has to get the best price for the property. They also work for the seller, not the buyer.

Hi, thanks for the reply.

We're fine with our offer being advertised in the paper but surely that must apply to the other bidder now that they have seen our offer advertised and come in with an improved one?

Pricivius

I'm afraid I can't help from a legal point of view, but I have just bought a repo and my offer was not subject to a public notice, but the offer before mine was.

As far I was aware, only the first accepted offer had to be put to public notice.

Uk_Lover

I'm in the process of buying a repo too.
When we made our offer we were told there was another offer too and what would be our final offer. I stood firm and in the end got it for what I wanted. I've heard no mention of the other since so think it was a cunning plan to get more money.
Strangely rightmove is not showing our offer, just as 'Under Offer'. My missus said shouldn't we mention it to the EA but I'm keeping quite as it's their mistake and we should exchange in 2 weeks. doesn't even come up on the search unless you include under offer properties.
wonder if this will cause a problem.
Now just got to work out how to get all the services put back on for my arrival (that is if I don't get gazumped!!)

lucyeve

We were told there only has to be a public notice if the sellers request it, when we offered on a repossessed house, the first offer hadn't been published and we had to pester for the actual figure, then when we offered and the other person increased none of the following offers were published and our final offer which we got it for was never published.

Caleb11

I dont know about the legal side sorry but if you really like it go in with your final offer. If its more than the other one then great if not then atleast you know u done all you could.

To uklover- about getting the services switched back on if you call any gas and elec supplier they will give u a number which will tell u who supplies the property then call the company and see if it been disconnected by them or just a switch needed turned in the property. Had to do all this this morning as I'm due to complete on a repo today.

Good luck!

Uk_Lover

thanks Cale11, hoping it just a case of switching back on inside but noticed it had a electricity card meter. Don't want that so need to get that changed too. Will give them a bell, cheers

our seller is happy with the offer so hoping they have decided to kind of take it off the market !result !!