can estate agents do this?

wroenaldinho

Hi all

Finally got accepted on a mortgage with nationwide,just need to finalise it all with a case manager.

Ive had an offer accepted on a repossessed property for 4k less than asking price and have now instructed a solicitor/conveyor.

While on whitegates website earlier i noticed the property is still for sale and shows a notice of offer and underneath the amount they accepted from me. The description basically encourages someone to offer anything above my offer. I find this really unethical and im not too happy.

My question is are they allowed to do this as this gives another buyer a chance to gazump me. Should it not be sold stc or offer accepted?

Thanks in advance

anselld

That is normal with a repo. In fact it would be abnormal not to go to notices.

The mortgagee in possession is obliged to demonstrate that they have taken all possible steps to get the best price on behalf of the former owner.

wroenaldinho

I see. Is there anyway we can get this a bit more concrete or will theu not budge?

Thanks

googler

anselld wrote: »

That is normal with a repo.

... in England and Wales. Not in Scotland.

anselld

wroenaldinho wrote: »

I see. Is there anyway we can get this a bit more concrete or will theu not budge?

Thanks

They will not budge on a repo. The best you can do is be ready to move quickly at the end of the notice period.

davidmcn

wroenaldinho wrote: »

Is there anyway we can get this a bit more concrete

Exchange contracts. (Not realistic probably, but that's all I can think of)

wroenaldinho

How long is the notice period? 28 days?

Thanks all

anselld

wroenaldinho wrote: »

How long is the notice period? 28 days?

Thanks all

Well, if it doesn't say, it is effectively until you exchange contracts.

Argghhh

the estate agent is being instructed by the the mortgage company - only way to protect your bid is to exchange RAPID

ognum

wroenaldinho wrote: »

Hi all

Finally got accepted on a mortgage with nationwide,just need to finalise it all with a case manager.

Ive had an offer accepted on a repossessed property for 4k less than asking price and have now instructed a solicitor/conveyor.

While on whitegates website earlier i noticed the property is still for sale and shows a notice of offer and underneath the amount they accepted from me. The description basically encourages someone to offer anything above my offer. I find this really unethical and im not too happy.

My question is are they allowed to do this as this gives another buyer a chance to gazump me. Should it not be sold stc or offer accepted?

Thanks in advance

It is the estate agents responsibility to get the very best price possible on a repossessed property. If you home had been repossessed by a bank you would want the estate agent acting for the bank to make the most money possible in order to repay your debt and perhaps come out of the sale with some money.

Your only choice is to rush to exchange of contracts, however if another offer comes in from a proceedable buyer then the bank has to consider it and you may not get the property.

These are the issues involved in buying a repossession, I am surprised you did not understand this before putting in an offer.

stator

If you are worried about risking your money on searches when you could still be outbid check out this purchase protection:
http://bespokefinance.eu/purchaseprotection/
I e-mailed them and they said they do cover repossessions, but you may want to confirm that yourself.