Buying a repossesion

Goji

Hi All,
Looking for some advice.

We've just put a bid in on a repossessed property which has been accepted

Public notice has gone on rightmove and with our estate agent and we're now within the 28 day period.

My mother-in-law has been speaking to a "solicitor" friend of hers and she has basically told me that I need to get on the agents back and have them put a Sold STC or sale agreed tag on the property so that it gets removed from most of the usual places.

I told her that as its a public notice it has to stay as it is and that even by adding the STC tag we could still be gazumped anyway and that largely it'll make (hopefully) no difference.

Is her friend right? Can I get the agent to put a STC tag on the property or does it need to remain in the public eye?
Any legal guidance would be fab as she is convinced I need to jump on the agent!

Thanks in advance!

Goji

problemcashback

We bought a repossession about 15 years ago and I expect that nothing really has changed in the process. Like all sales you won't own it until the exchange process and right up to that point could you lose it its just the way the process works. The public notice end date is key, make sure you get everything ready so that the solicitor can exchange as quickly as possible, when we bought ours we had 28 days to complete reality is it took longer. With any sale you can make it a case of removing it from the estate agents website, shop, sale boards but reality is if someone ask to see the property and puts in an offer it has to be shown to the seller.

Saying all that don't worry, it will all come together quite quickly I am sure.

stator

You are correct and your mother in law is wrong. With a repossessed property (In England at least) the agent will NOT take it off the market or mark it Sold STC. If a higher offer comes in they will almost certainly accept it.

You just have to cross your fingers and hope all goes well.
You can take out Gazumping insurance if you want (try bespoke finance) if you are worried about losing your costs if you get gazumped.

Thrugelmir

Seller is duty bound to act in the best interests of the debtor and realise the best possible price.

Red-Squirrel_2

They can put an 'under offer' tag on it on Rightmove. If they are confident the sale will proceed and the price is acceptable they may do this if you ask.

While technically the lender can accept a higher offer at any time, a bird in the hand is worth two in the bush as they say, and a lower offer that is going through quickly and smoothly will not always be dumped in favour of a slightly higher but much less certain offer.

AdrianC

An STC or Under Offer or whatever flag on t'interweb will make absolutely zero difference, whether a repo or not.

The joy of buying a repo includes accepting that the vendor can and will gazump you right up until those signed contracts are exchanged. They are under a legal obligation to their ex-borrower to fetch the absolute best possible price for the place.