Scotland - Unhappy with estate agent.

AJRFulton

We put a note of interest in on a repossessed house, as well as a verbal offer at a low price, which was rejected. Our lawyer advised to put in a sensible low offer in as there was no other interest at the time. We were advised by putting a note of interest in - we would be given an opportunity to increase our offer as a closing date would need to be set if other interest came along. The agent was aware we were cash buyers, and were prepared to sit it out to gauge interest before submitting a final offer.

Now I understand that on a private sale, a note of interest doesn't mean much - but on a repossession I was strongly under the impression there is a legal responsibility to ensure the best possible price within a reasonable time frame. Which in this case would be to give a closing date and let all interested parties put in their best offer. The agent gave us no opportunity to place a formal bid, and now they've told us what we were prepared to bid exceeds the offer that got accepted.

The agent also telling us they never had a note of interest from us, but our lawyer ensures us he put one in. I believe my Lawyer as he can back it up.

I just get the impression something smells a bit here.

Is there any way of getting our bid put in?

davidmcn

AJRFulton wrote: »

Is there any way of getting our bid put in?

Yes, just get your solicitor to send it. Either the agents will accept it or they won't. Probably not though unless the other buyer drops out for some reason, generally in Scotland even with repossessions they won't consider "gazumping" offers until the preferred buyer has had a reasonable chance to conclude missives.

While the lender is obliged to take reasonable steps to get the best price, that's for the borrower's benefit, it's not something you can enforce.

AJRFulton

My other suspicion is, there is no 'under offer' on display anywhere. Given that has been a few days since this offer apparantly went in.

Something just doesn't seem right about this.

davidmcn

Sometimes agents are slow to update things. I wouldn't read too much into it.

Thrugelmir

AJRFulton wrote: »

but on a repossession I was strongly under the impression there is a legal responsibility to ensure the best possible price within a reasonable time frame.

What's your definition of a reasonable time frame. The lender has a responsibility to the borrower to achieve a good price. A formal bid may well flush out other interested parties.

AJRFulton

Well... under a week. The house has been on the market 14 days as far as I see.

googler

The Note of Interest framework is merely a courtesy between agents, and has no legal standing, whether for repossessions or 'regular' sales.

If the seller is happy to accept another offer without going to closing, that's their privilege. They may be considering matters other than the offer price in both your offer and the other party's.

AJRFulton

We put our bid in today which was higher than the accepted bid.

Unsure what the other offer could do better than a cash sale with immediate entry. I'd imagine that was very desirable to a bank repossession.

We were even prepared to bid a bit more than we indicated, but never got given the chance. Obviously with a house that only got put on the market on the 9th of December we don't want to show all our cards immediately. We expected and were advised with a bank repossession the bank would listen to all offers.

Something just seems off and our lawyer agrees, but doesnt think there is much we can do about it. I don't mind losing a house, but I do mind if I'm not given a fair chance and lose to a bid under asking price.