cookstar

iTrader: (6)

I have spotted a house that has been repossessed under offer, the agent has placed it on rightmove with the offer amount. With a note saying that if you want to make an offer contact their office.

Now I have done this and the guy I spoke to is being rather vague and not playing ball. I want to offer on this today but I need to know what the legal requirements of the agent are in regard to passing all and every offer to the bank/owner of the property.


Cheers.

ScoobyWon't

When I had my offer accepted recently, I received a letter stating the amount and also that the agent is bound by law to pass on any further offers to the seller.

If I can find the letter, I will see if it quotes a specific law. It wasn't a repo, but I would wager, it's still the same law.

Dingdongler

I'm not an expert Cookstar but I'm pretty sure they have to pass on all offers (by law). The advert should have had a time limit ie if you want to offer more do it within 14 days etc.

I would send in a proper typed letter (and one electronically) with the offer. I would also make it clear on the letter that you are well aware of the agents responsibility to pass the offer on.

I would also make a note on the letter that a copy has been sent to your solicitor, and if you have the details of the receivers send a copy to their legal dept. (make sure the agent knows you are doing all this)

My gut feeling is if the agent is being evasive he has passed the property to somebody who gives him a bung and so is making life difficult for you.

Good luck, let us know how you get on

Puff The Magic Wagon!

iTrader: (2)

I was looking at a repo and it was already under offer. Agent told me that if I could put a higher offer & exchange before the other party then I could have it.

I had 3 days, so a bit of a no-starter...

Wurzel

iTrader: (1)

isn't that classed as gazumping? I thought that was a no, no now.

David Lock

Why don't you cover your back and e-mail agent asking him to confirm that offer has been passed on and seen by owner? dl

joz8968

iTrader: (13)

AFAIK, fair game if there's been no completion.

This happened with my mate's house just recently....

His neighbour gazumped by offering 7.5k more than the 'existing buyer', at the 11th hour. My mate accepted the neighbour's offer, thus the original buyer getting well and truly gazumped.

Fantom

I think its bull**** really. If an offer has been agreed then they shouldn't change their minds.

cookstar

iTrader: (6)

The agent has indeed taken a bung, good luck to him in that regard, that's just how it works with repos. Given a few out myself.

joz8968

iTrader: (13)

Morally unfair perhaps.... But you can argue it's business at the end of the day.

Nothing's lawful until there are signed contracts involved.

cookstar

iTrader: (6)

Not really, the Bank/repossession company have a duty of care to achieve the highest possible amount. Leaving the repossessee (lol is that even a word) with the lowest possible loss/debt.

Very different to ripping a chain of family houses apart. It's simply two investors fighting over a property, the loser moves on to another.

LeeMac

iTrader: (1)

I put an offer to an agent a couple of years ago on a property (going to auction unless sold prior)

After a few days I contacted the vendors solicitor for them to send me a copy of the legal pack, for which I paid £20 and received to be told by them later that they had not received any offer from me (after me asking)

I contacted my solicitor who then contacted the agent

My solicitor then got back to me saying they were no longer acting on my behalf !

bent!

Fantom

Then why accept the first offer if it wasn't large enough?

cookstar

iTrader: (6)

Maybe because it was the only one they had had up until then?


Moot now as they exchanged contracts yesterday.

I have my eye on two others now anyway, so not really that fussed.