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Help needed please!

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  • Help needed please!

    hi,
    Late last year, I found a repossession property online which had been advertised for a couple of years and had not sold at two auctions.

    It was available post auction, i called the estate agent to request information on this particular house. That same day, they had updated their website and was now advertised at £154k from 'available at £125k'


    I put in an offer which was accepted (on 3 December 2010) with 14 days to complete

    I paid for all the searches, surverys etc etc. Everything was going smoothly but wanted one last view of the house before signing the contract and transferring the deposit, so my partner called the estate agent and an appointment to view the next morning.

    The estate agent called me that same afternoon, unbelievably to say that there had been a higher offer made and did i want to 'up my offer?' I could not believe it, this house had been through two auctions and on the market for almost two years. It just seems abit dodgy. I am now left out of pocket. Can anyone offer any advice or is there anyway way i can claim money back?

    The estate agent also hadnt placed a public notice once our offer was accepted. Is there any law against this/how can i file a complaint?

    I know this is a repossession and getting gazumped last minute is highly likely but too many things just don't add up.
    thank you. Jeff

  • #2
    Re: Help needed please!

    Wow 457 veiws and not one reply.
    Anyway follow up to the story suprise suprise the estate agent called on Friday to say the repossesion company was not happy with the way things were proceeding with the other offer and that we could have the house,but they need the answer by the end of the day.Naturaly I said they were not that much in a hurry 2 weeks ago when we were 1 day away from exchanging contracts on a 2 week sale surely 1 day or 2 not going to make a difference.
    On that note I thinking of reducing my offer to what the property was originally availble for post auction.
    Any veiws

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    • #3
      Re: Help needed please!

      Hi, I am an agent and this is quite normal beleive it or not. With repossesions you arent dealing with a normal client, it is the bank as you know. They impose strict guidelines, and request we market up until the day of exchange, they want things done yesterday. The thing with repos they attract so much attention (because they are cheap) we are obliged to carry on marketing which causes all these problems, if we dont do what the bank says, they wont give us the instructions anymore! Any complaint I would advise going to the property ombudsman.

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      • #4
        Re: Help needed please!

        Hi Jeff

        Bit of a tricky one that. I suppose it depends on how much you want the house. It's funny isn't it how they couldn't get rid of it for love nor money for 2 years then, all of a sudden, there are 2 buyers after it!

        You don't say how much you were paying for it before someone else put in a higher offer but I think I'd be looking at somewhere in between the £125k and £154k. You should probably update your research about how much it's likely to be worth now and base your decision on that.

        Good luck and let us know how you get on.

        Kaz

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