Is this a little fishy

Matt_L

AdrianC wrote: »

Property empty. Offer made public. It's a repo. Guaranteed!
<edit: And that notice just confirms it.>

So are you prepared to get an offer of more than that in, and can you move sharpish? Are you prepared for the work that a repo is likely to need - especially one where there's zero details or photos? Are you prepared for the risk of being gazumped right up to the point of exchange? (Which, after all, is exactly what you'd be doing to the person whose offer is currently there...)
If not, then save your breath and keep hunting.

Thanks for your reply Adrian, with it being a repo does this mean we can't look at the property before putting an offer in??

AdrianC

Matt_L wrote: »

Thanks for your reply Adrian, with it being a repo does this mean we can't look at the property before putting an offer in??

Not at all.

But it does mean the EA's not got much incentive - especially if they know that the state of it's only going to scare most normal punters straight off.

If that offer is from somebody like a developer, then it's going to be a quick, hassle-free run to exchange compared to your average mortgage-dependent, survey-fretting owner-occupier. A couple of extra quid on the EA's commission - always assuming it isn't just flat-fee - is not worth the hassle.

Equally, it's more than a trifle unprofessional of them to just ignore you.

Cheeky_Monkey

Chances are it's a brown envelope job between the EA and purchaser

Andypandyboy

My son bought a repo, it has made him £45,000 in two years and it was in quite good nick. Having said that the buying process was horrendous, he was FTB with a mortgage in place, flexible, as he was living at home and still the agent dealing with the EA put him through the mill, the searches were too slow (not within his control) x and y was too slow all unreasonable and even though his Solicitor was a friend and so pushed the sale as fast as possible they threatened to pull the sale at every turn.

Not for the faint hearted.

Mossfarr

It sounds to me like the EA had a buyer registered with them who was specifically looking for repos and who was in a position to buy quickly. They contact such buyers before the properties go on the books as they can save the advertising costs. They also make it very difficult for any other buyers to 'muscle in' by getting their offers accepted by the vendors and delaying the publishing of the 'notice of offer' until the timescale has almost passed. At this point the vendors are extremely unlikely to start the process again for a slightly higher offer.
I have purchased two repos and this was how the EA worked the process in my favour.
Of course it could just be that it was such a bargain that the EA snapped it up themselves as they are often letting agents as well!

eddddy

If it's a repossession, the vendor (i.e. the bank) is required by law to accept the best offer.

So if you offer more before contracts are exchanged, and you are a credible buyer, the bank must accept your offer.

However, I guess it's possible for the EA to 'get in the way' of that happening. It does sound strange that the bank has accepted a offer, whilst people (like you) are still waiting to view.

So persist with the EA to get a viewing. (Maybe suggest that you will find out which bank is selling the house, and you will contact them to say the EA is being obstructive.)

ruby_eskimo

Just to say that we had an offer accepted on the property we're currently in the process of buying before it was actively marketed. We viewed the day after the seller signed with the agent and put the offer in on the same day. They still put the property on rightmove with one picture but it was sold stc for all intents and purposes.

moneyistooshorttomention

You could always ask the neighbour if they have any idea where the vendor has gone (eg their workplace or a relative) and ask if they could pass a message on.

Failing that - just sit there in the EAs office refusing to budge until you've "had your chance" and be polite but firm that you must have your chance. I expect they'd find a way to see you okay by the time several other customers had become aware of the disruption occurring in the office - as you asked again every time they'd just got started chatting to another potential customer.

That EA is being unethical by the sound of it - ie letting someone else "muscle in". With that - the vendor would be due to get landed with an offer that's lower than the maximum one they might otherwise receive (ie possibly yours).

There's nowt wrong with overstepping a buyer that did the dirty by "muscling in" unfairly in the first place - ie not a normal buyer doing things "by the book".

Rain_Shadow

moneyistooshorttomention wrote: »

You could always ask the neighbour if they have any idea where the vendor has gone (eg their workplace or a relative) and ask if they could pass a message on.

.

It's a repo. The vendor will be sitting behind his desk in the bank.

alumende27

Mossfarr wrote: »

It sounds to me like the EA had a buyer registered with them who was specifically looking for repos and who was in a position to buy quickly. They contact such buyers before the properties go on the books as they can save the advertising costs.

Why bother to go to the effort of putting it on rightmove then?