How to deal with this agent?

Professional

I went to view a 2 bed property this week. Its priced at 150k and requires a lot of work done to it. The agent turned up 20 minutes late, barely acknowledged me let alone shake hands and didn't show me around the property (so I showed myself around).

After seeing the property I queried the asking price and how much below it the vendor would accept. The agent told me it had been reposessed and they wanted the full asking price. As it needs major work I suggested 125k which was refused on the spot. The agent then told me that if I did buy the property then I would have to use their in house mortgage broker and in house solicitor.

I'm not sure I trust the agent so I re-submitted an offer of £135k this time in writing.

I already have a mortgage on the table from a bank - is it legal for the agent to force me to use their services?

If I find out the building society who has reposessed the home could I make an offer to them directly? (i'm not convinced my offer will be communicated to the vendor properly, if at all).

I'm not emotionally attached to this property so I could walk away but I feel it would be a shame too just because of the agents terms and conduct. Any advice would be welcome.

Bluemeanie_2

I'm not expert, but I would run a mile. Because it is a repossession you will probably end up paying out loads of fees etc, only to be gazumped by one of the estate agents mates last minute. Probably after being ripped off by the estate agents in house people! That's why it sounds like they want you to use their in house people!

Dave_Ham

Firstly, buying a repo involves a fair bit of risk.

Have a look through this forum and search repossession (spelt correctly if I have not as still early)

Secondly, you can try and cut them out and go direct or it should be elsewhere with another agent.

Why on Earth would they think you will use their mortgage broker and give them full visibility of your financial situation when they are hardly neutral in this situation....!

They are absolutely not allowed to do this and I see it every single day - shocking!

I wish you well, but only bid with your eyes well open and fully appreciating the risk...

ACG

You can use any advisor you wish, the fact you already have a mortgage in place, tell them you have one in place and your not paying fees to another lender. Tell them it includes free legals so there is no point in you paying their solicitor.

Is he the owner of the company? Ive seen someone else on here say write a letter to trading standards, let them sort it out.

The_J

Quote the estate agent act at them if you want to but these guys sound like cowboys.

Professional

Thanks for your help guys.

There is risk involved in repossession but I'm willing to roll the dice. By the same token I don't trust the agent and would not use their in house services. I'm willing to buy the property from them or go straight to the lender but I have mortgage on the table so I don't see any logic in casting that away for these cowboys.

I'm now looking at other properties incase this falls through due to the inept conduct of the agents.

billybear1

It could be that there is already an offer on the table from someone he is pally pally with and they are going through his team and he is getting loads of commission. I am sure that by law he would have had to have told you that another offer has been placed on the property, but to be honest from the sounds of his conduct that could well have slipped through the net too.

If you want the house and are prepared to go with the risks then once an offer is accepted then go for it. As many on here have said though the key to success when buying a repossession property is to surround yourself with good people. A good solicitor, a good broker and a fast lender. If you do that you should be able to overcome the poor agent quickly.

Professional

Thanks thats very useful advice which i will take on board

Thrugelmir

Professional wrote: »

If I find out the building society who has reposessed the home could I make an offer to them directly?

They won't deal with you directly. Any offer has to be advertised. So you could end up in a contract race to complete. A higher offer can be submitted at any time.