URGENT - Need advice!

kingstreet

So what is the situation?

Are you the current high bidder and have made the accepted offer for the property?

If you are in a position to exchange/complete, suggest your solicitor speaks to lender's solicitor asap. You can effectively avoid the agent by dealing solicitor to solicitor now.

GDB2222

Lbarn wrote: »

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.

I am totally lost here. Accepting that there has been a couple of weeks' delay in the advert appearing, and accepting that the agent has a 'vested interest', can you explain in what way the delay helps the estate agent?

Has a new buyer actually emerged?

GDB2222

Lbarn wrote: »

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

I have bought several repossessions. They have been easy, straightforward transactions. Couple of others I got outbid when the notice appeared in the paper. Couple I bought when I saw the notice in the paper and outbid. That's the name of the game.

GDB2222

Lbarn wrote: »

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.

One point I can reassure you on - it's very unlikely that there will be another round of public notices.

Lbarn

GDB2222 wrote: »

I am totally lost here. Accepting that there has been a couple of weeks' delay in the advert appearing, and accepting that the agent has a 'vested interest', can you explain in what way the delay helps the estate agent?

Has a new buyer actually emerged?

Yes on the day the estate agent delayed the exchange to.

Lbarn

It helps the estate agent as we should have exchanged a week ago, if all had been done it should have. We have raised our concerns via our our solicitor and the ea is now panicking to come up with a valid explanation.

ticktack_2

Lbarn wrote: »

It helps the estate agent as we should have exchanged a week ago, if all had been done it should have. We have raised our concerns via our our solicitor and the ea is now panicking to come up with a valid explanation.

I don't get it. Why is the estate agent panicking?

Lbarn

kingstreet wrote: »

So what is the situation?

Are you the current high bidder and have made the accepted offer for the property?

If you are in a position to exchange/complete, suggest your solicitor speaks to lender's solicitor asap. You can effectively avoid the agent by dealing solicitor to solicitor now.

Yes we were the highest bidder and had the offer accepted nearly a month ago. We were ready to exchange a week ago, we were sat in our solicitors office. Then it was announced the ea had not done the notice.
We avoided the ea for over a week, but because notice had not gone out we had to wait then suddenly a buyer appeared on the last day, we have strong reason to believe this was done purposely for the other buyer to get into position.

Our ea is now backtracking and taking our complaint seriously as they have no reason for not putting out notice for 21 days. Our solicitor agrees there appears to be conflict of interest.

If house fell through with genuine reason we would accept but there is something very suspect and underhand which our ea can't give reason for and our solicitor agrees.

I didn't get to my position in my job without a fight it's not my mentality and I intend to fight for this, it's interesting how the ea have suddenly started playing ball since I put a complaint in. Even if we lose the house at least I know we did all we can.

Lbarn

ticktack wrote: »

I don't get it. Why is the estate agent panicking?

Because they can't explain why they took 3 weeks to put out a public notice, repossessions have to be exchanged and completed in 28 days which means it would have been impossible for this to happen meaning they have not adhered to the agreement set out by the seller.

I have spoken to the local paper and they had two weeks where they could have put it in and they didn't which indicates it was delayed purposely.

Lbarn

GDB2222 wrote: »

I have bought several repossessions. They have been easy, straightforward transactions. Couple of others I got outbid when the notice appeared in the paper. Couple I bought when I saw the notice in the paper and outbid. That's the name of the game.

Point proven a couple you got outbid, ok when your a property person no good when your heart and soul is in it, you have a family to home and have spent over £1500 in fees!