Corporate House Sale Confusing

cjohnson355

There's a property I really like for sale at the right price but on speaking to a pretty much unhelpful agent was told it's a "corporate sale". I asked what that was as I'd not heard of this before and was told it's a company that's selling the property, but when I looked this up online it show that a corporate sale is a posh way of saying it's a repossession and therefore assume that the business the agent was talking about is a bank. So far so good! When I asked the agent if I could view it during the week he said they were only doing open days on three Saturdays as they had had so much interest. I live nearly 200 miles away so just popping in on a Saturday would be difficult but they are not prepared to show me around any other time.
Now here's the bit I don't get. The agent said it will stay on the market until the exchange of contracts. So I asked if that meant if I was at the point of exchange and someone came along and offered more money that they would accept this even though I would have paid for surveys and solicitors and he said yes that's what would happen. In my mind that's gazumping or is a repossession sale very different? I feel there's something weird going on here.

AdrianC

A corporate sale means it's for sale by a business.

It might be a lender who've repossessed it, or it might not be. It might be a business that's been letting it, or who've taken it in PX against a new house, or a quick-sale outfit. It might be other things, too.

Does it matter?

They've left the EA to organise viewings. The EA have sufficient demand that they're organising open days. You can't make them? Oh, dear, what a pity. I'm sure they'll find a buyer.

And, yes, remaining on the market until exchange gives the possibility for gazumping. It's standard in repos and probably other corporate sales, where the vendor wants to get the highest sale price, and isn't bothered about "morals".

AnotherJoe

'Gazumping' is just a word. Its not illegal. So I dont understand your issue other than you know its more likely to happen so unless you are say a cash buyer with a good solicitor this likely is not the property for you (especially as the price may be higher than the advertised one as well).

There's nothing "weird" going on here.

Even if it was a private sale, if they had enough prospective buyers to fill up three Saturdays, why would the vendor want the hassle of another visit on a different day. If you are that interested, you'll make the effort would be their POV.

Surrey_EA

If it is a repossession, which sounds likely, it is common practice for the property to remain on the market until contracts are exchanged.

If I recall correctly, the bank are under a legal obligation to sell achieve the highest possible price.

Nothing weird, perfectly normal in the case of a repossession.

cjohnson355

Thanks everyone. Sound like it's a pretty standard procedure. Where have I been all these years to have never heard of this before! I think I'll leave this one alone.