URGENT - Need advice!

ticktack_2

Lbarn wrote: »

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.

Why can't you just go ahead and complete, if you and the seller both want that to happen?

ticktack_2

ticktack wrote: »

Why can't you just go ahead and complete, if you and the seller both want that to happen?

Ah, I see. As a result of the notice going in the paper someone else has outbid you.

Bad luck but prob. nothing you can do about it.

Lbarn

ticktack wrote: »

Ah, I see. As a result of the notice going in the paper someone else has outbid you.

Bad luck but prob. nothing you can do about it.

Finally someone got it lol, we appreciated someone could outbid our issue is we suspect it's someone the ea knows hence 3 weeks for notice. Makes no sense.

ticktack_2

Maybe, or maybe not. I don't see that there's anything you can do unless you want to up your offer. The agent doesn't seem to have broken any rules.

kingstreet

Has the vendor's solicitor requested the contract back from your solicitor?

Lbarn

No Kingstreet.... not that I am aware of, what would that mean?

Not sure whether he has done the right or wrong thing but my husband has upped our offer by another £4k to try and close the deal. This now means re-writing survey, mortgage offer etc.

I wish he hadn't as i just think its never going to stop.... im off work today, my first day off sick in 7 years as I am so stressed out with the whole thing.:(

GDB2222

Lbarn wrote: »

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.

So, if the EA had put the notice out on time, the new bidder would have emerged a week or so earlier. That might have saved you a small amount of fees, but probably not. The new buyer would still have outbid you.

I'm afraid that you are being overly-dramatic. Just make sure that you don't get bounced into over-paying for the house because of the fees you've already spent. And stop panicking.

hazyjo

They could have put the notice out on time and the other bidder might still have chosen to wait until the last minute. Nothing to say he'd have bid at that time. In fact, a lot of people will bid at the last knockings as they're probably more likely to get it. Just look at ebay and see how many place that last bid in the last minute!

I am with those who say never buy a repo! Too much stress! Bad enough buying a property as it is. You run the risk of losing it right up to exchange. Doesn't matter if the other bidder is a friend of the EA. Surely they'd have known it was up for sale anyway and that they could have bid less, before you came along. If someone's chosen to make their bid as late as possible, my guess is they always planned to do that.

Jx

kingstreet

Lbarn wrote: »

No Kingstreet.... not that I am aware of, what would that mean?

Not sure whether he has done the right or wrong thing but my husband has upped our offer by another £4k to try and close the deal. This now means re-writing survey, mortgage offer etc.

I wish he hadn't as i just think its never going to stop.... im off work today, my first day off sick in 7 years as I am so stressed out with the whole thing.:(

The vendor's solicitor requesting the return of the contract would indicate the vendor is selling the property to someone else.

TBH I think you've placed far too much emphasis on the public notice. I don't see a buyer deciding to buy a property as a result of seeing a public notice. If they are looking to buy they would be aware of the property and have it on their "radar."

It wouldn't be the first time I've suggested to someone they await the public notice before showing interest, so they know what they need to offer to get in the driving seat.

Stefon

I understand your indignation at what may be dubious practices however business by definition is one person trying to out manouver another to their own advantage..and if you are correct that is what has happened..the seller gets a better price and you lose out..no one said the world was a fair place..and if you manage to change things has the property the same feel for you..lost sleep..legal fees indignation..it may spoil it..why not put it down to experiance..move on and try to be the last and highest bidder after the public notice deadline next time.
I once lost out in a similar way and some years later the property turned out to have major foundation defects..indignation replaced by a huge sigh of releif at the narrow escape.
good luck. Stefon