can estate agents do this?

CathA

We've bought 2 repossessed houses and each time we had 28 days from the day the offer was accepted to complete the purchase. They both took a bit longer than that but the mortgage company could see that this was due to issues we had no control over. You have to keep on top of the solicitors and make sure they know that you are on a tight timescale. The estate agent has to keep advertising the property, as they have a duty to obtain the highest price possible. They have to continue advertising it, with details of the price offered and if someone wants to view it they are supposed to take them round. My estate agent told me of a case where the purchasers were a day or so away from completing when there was a higher offer put in on the property, they couldn't match it and couldn't buy it. My advice is get your solicitors on speed dial!! Good luck.

Thrugelmir

ognum wrote: »

It is the estate agents responsibility to get the very best price possible on a repossessed property.

The onus is on the creditor to realise the maximum proceeds for the property on behalf of the debtor. The EA is merely an agent acting on behalf of the lender.

enthusiasticsaver

My daughter bought a repossessed flat a few years ago and it remained open for offers right up until exchange. They usually put some sort of notice up to say that an offer of such and such has been made and inviting higher offers. This is because the seller (usually the bank or building society is duty bound to get the highest price for the mortgagee). The best thing is to exchange asap.

stator

Thrugelmir wrote: »

The onus is on the creditor to realise the maximum proceeds for the property on behalf of the debtor.

Which is odd because most house buyers are put off by the 28 day limit, it's simply impractical to get a mortgage / survey / conveyencing and searching all done in that time frame and then to exchange (especially if a leasehold company is involved). If they went through the normal sold STC method with a more standard 6-8 weeks completion timeframe they could attract more buyers and potentially get a better price!