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How long after public notice does house need to be marketed on rightmove?

I’ve recently put an offer in on a repossessed house after myself getting an AIP with halifax the day before. Offer got accepted and EA said that I would need everything to be completed within 28 days so would need to act quickly. Full mortgage application went in the same day, next day had an email to say the valuation would be the following day. Valuation completed and mortgage accepted the same day so amazingly quick if you ask me, 6 days to be precise from AIP to offer.
Notice of offer was changed on rightmove and also put in the local paper. I’ve read in older posts (2014) that this is a 7 day window period for other potential buyers to put a higher offer in. Is this 7 days correct? Or can they do it after this?? Could I ask the EA to take the advert down after 7 days?
I’m a FTB, have the finances in check, offered them the full asking price, and the valuation came back valued at the same as the asking price. Do you think I’m being unrealistic to ask if marketing could be taken off at least? I’m like a nervous wreck here while I’m waiting for the solicitor to do the searches 🤣. Any help would be greatly appreciated

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    The receivers are obligated to get the best price possible for the property which means leaving it advertised.

    Until you exchange contracts you are under risk of being gazumped by a procedable buyer with a higher offer. It's just the risk you have to take with repossessions.
  • Thank you for your reply Slithery, seems I best just sit back and wait then
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The only time limit is Exchange of Contracts.


    Until then you can be outbid.
  • Ok thank you. I think I was probably clutching on straws for some positives in this situation. I think the next 3 weeks are going to be extremely stressful to say the least. With the valuation being the same as my offer, I’d most certainly lose out if I was outbid as I’ve literally put all my savings into one basket
  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    Navylashes wrote: »
    Do you think I’m being unrealistic to ask if marketing could be taken off at least?
    Yes, absolutely!

    The lenders who are now in possession have a legal duty to maximise the return to their borrower. Remember, if there's a shortfall in the debt once the security's sold, the borrower still owes it - and if there's a surplus, the borrower gets it repaid.


    Accepting a higher offer, if one comes in, is part of fulfilling that duty.
  • Not too sure where I got this 7 day public notice thing from then. Hence why I’ve messaged on here for information, as things change over time or maybe that 7 day notice wasn’t the case at all. The EA said if I was outbid they would need to be in a good position ie no chain, for them to accept
  • Update
    Totally right, AdrianC. It was wishful thinking. The whole process really is ruthless. Had my exchange date this morning. I went to the solicitors to sign the forms, then went over the road to the bank to transfer funds, and onto the estate agents to let them know the situation. The EA said they would cancel the 2 viewings that was due this afternoon on the property as I was in the process of exchanging, and said she would await confirmation from my solicitor. Well, the two viewings still went ahead anyway. The EA didn’t realise they had booked me in for my 2nd viewing the same time as the other viewers. Thankfully my solicitor was absolutely fantastic, from start to finish he did everything in 10 days, that’s got to be a record for someone with a mortgage, I was extremely impressed. Anyway, I got house, I’m absolutely over the moon
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