URGENT - Need advice!

Lbarn

Hi Guys

I urgently need your help, can anyone tell me the legal requirements for an estate agent placing a public notice in the paper for an offer on a repossession??

We were told when we eventually won the highest bid on a repo, that we had 28 days to exchange and complete. We have done everything asked of us and were ready to exchange a week ago (21 days) then found out the estate agent had only just placed the notice in the paper 21 days after our offer was officially accepted by the seller!! Meaning this period would have taken 28 days... by which we should have exchanged had it gone in the paper the week of offer!

We believe that the EA may have a vested interest in the proerty or may know someone who does and have used delay tactics to get the other person that has magically appeared in a position to outbid and buy.

Does anyone know when the notice should have gone in. My friend works at our local paper and says amendments can be made up until close of play the day before paper goes to print at 11pm!

Thanks

Lbarn

Hi, has anyone any suggestions.

Desperate times!

kingstreet

I do not believe there is any legal requirement which determines when a public notice has to be published.

AFAIK the lender adheres to the CML handbook on ensuring the best possible price for the property but this does not lay down any "laws."

Lbarn

so basically the buyer has absolutley no rights or anyone looking out for them, they are only ever going to lose out as its looking like we will.

I am baffled as to how this is either morally or ethically right?

The estate agent can pretty much do what they want, when they want to whom they want with no consequence.... astounding really.

Lbarn

Our solicitor is on the case anyway as he has huge suspisions about the circumstances. I am also going to get onto the regulator.... who is best?

DannyboyMidlands

Of course you have no rights. Why would you? Why would your rights trump those of any other buyer or more importantly the seller?

The person who is repossesed deserves that the best price possible is achieved for the property.

If you want the place then offer more money. Not all buyers lose out. Only those who don't offer enough.

Lbarn

That isn't the issue, we realise all that......we offered the most money. We bid against several other buyers and went thousands over asking.
The issue is why is took the EA 3 weeks to put a notice in the paper, which has resulted in exchange being delayed.
I have checked the estate agents act 1979 and they have not adhered to their obligations. We suspected the agent had a vested interest and we are pretty sure now this is the case. Our solicitor is in agreement.

DannyboyMidlands

3 weeks is a long time but if you want the place just offer more money.

How will you prove that they had a vested interest?

Lbarn

We cant prove it, although our solicitor has asked the seller to question the EA why they have not acted in the best interest of the bank/person repossessed etc as the sale could and should have been completed a week ago.
The other person that has come in is described as a "cash buyer" but we have sinced found out he does not have the means to actually buy i.e it is tied up in bonds etc.
Whereas our solicitor has our funds in his bank account ready to transfer.
I have also spoken to the newspaper and amendments can be made to property ad's up until 5.30pm on the day of print (they print at 11pm) so they had two weeks of opportunity to add the notice and they didn't.
The EA insisted today should be day of exchange, and hey presto a buyer appears....
The whole things stinks of suspision.

DannyboyMidlands

It can stink as much as it likes but if you can't prove anything then I don't see the point in pursuing it. You'll just end up with a larger solicitors bill than neccessary.

Surely the best interests of the bank/repossesed are in holding out for more money rather than exchanging last week?

I would either offer more money or let it go.

Lbarn

It wont be in their best interests if we walk and the other party fail to come up with the cash.... the house has been on the market for AGES..... so they could all be back to square one!
I know what your saying, however a line does have to be drawn somewhere and surely better to sell and get shut rather than dragging it on indefinatley for a few extra quid (other parties offer is not significantly higher)
I am reluctant to raise yet again, as we may still be in this situation in 4 weeks and Ive had enough sleepless nights as the whole process may start again, public notices, more delay tactics etc.

TO THOSE READING, DO NOT BUY A REPOSSESSION, ITS NOT WORTH THE STRESS!