Repo rules of estate agent rip off?

[miss Wolverine]

Can anyone advise? Put in on offer on repo to estate agent. property advertised for 250k. Our offer very close to asking price. We were 1st to see it and offered straight away. Expecting a yes no problem. BUT estate agent informs us they need to advertise in press the following week. What is this? Is it legality? Why is it not being considered? We have ££ and no chain.

[drhouse]

Originally Posted by miss Wolverine

Can anyone advise? Put in on offer on repo to estate agent. property advertised for 250k. Our offer very close to asking price. We were 1st to see it and offered straight away. Expecting a yes no problem. BUT estate agent informs us they need to advertise in press the following week. What is this? Is it legality? Why is it not being considered? We have ££ and no chain.

To my knowledge it is a requirement that the property should be advertised at least twice, or for at least 2 weeks, before selling. This used to mean press ads but I think some repo companies are accepting website advertising.

This is to ensure the companies are doing everything they can to get the best price. I think there have been recent cases of the borrower suing because either valuation too low, sale price too low or not marketed properly.

[premierp]

Yes - many repo companies stipulate that the property needs to be advertised for 2 weeks, preferably in printerd press. There is nothing to stop you offering, but the offers aren't considered until the 2 week initial period has lapsed.

Doesn't mean to say you wont be succesful though