URGENT - Need advice!

Lbarn

FBaby wrote: »

I don't think it is right for you to be judge for going for repossession, as you say, it is the world you live in, and I understand your frustration having won the original bid and having reached almost the last stage finding yourself outbid.

However, I don't understand why you think there is a conflict of interest. Are you saying that you believe the AE knew the outbidder and wanted them to get the house (beyond the fact that they are expected to act on the vendor's best interest and therefore always try to get the best offer for them) and that they held putting the notice at the last minute so that outbidder could come out with their bid? Why would holding on for two weeks to put the notice makes any difference if they knew there was someone out there would was prepared to outbid? Are you suspecting that they wouldn't be able to come up with the cash within the timescale and were trying to give them more time that way? Do you have any evidence or even high suspicions this is the case, rather than a commercial tactic to give more time for any unknown bidder to come forward to the benefit of the vendor?

Yes I believe the other person needed that extra day to find the funds.... seller agreed friday to exchange with us, then EA recommended waiting until monday. I suspect this person would not have been ready two weeks ago.

Regarding price, its neither over or under valued, it is market value.

Lbarn

RabbitMad wrote: »

The asking price might have been artificially low to attract interest. I looked at a repo once that was clearly £100K under priced - surprisingly enough the agent had well over 20 viewings the first weekend it was on the market.

If its not a bargain you won't be out bid.

Good luck with your purchase - please let us know if you eventually get it or miss out

Thank you, I will do

GDB2222

Lbarn wrote: »

Yes I believe the other person needed that extra day to find the funds.... seller agreed friday to exchange with us, then EA recommended waiting until monday. I suspect this person would not have been ready two weeks ago.

In that case, the EA did a splendid job! He told the lenders not to exchange with you, as he thought he had a buyer in the wings able to pay a bit more. I don't blame you for whingeing a bit, but for goodness' sake stop crying foul. A private seller would have done exactly the same.

I expect that you didn't take the excellent advice I gave you on the other thread that you started about this, namely to start looking around at other places frenetically? You really needed to worry the EA that there was a risk of losing you as a buyer for this place. That spot of scurrying around might have saved you £4k.