Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Offering on repossession - estate agent not responding

8 replies

6littlechickens · 20/05/2024 16:10

I viewed a repossessed property. It has had a low offer published on Rightmove and if you want to offer you had to do so before exchange of contracts. I emailed a higher cash offer. The estate agents have not responded to my two emails with the offer (called another branch to check it was correct). I also called but it goes to answerphone so I left a message but they haven't got back to me.

This doesn't seem like very ethical behaviour on part of estate agents so I found out who had repossessed the property. I called the bank to advise what was happening and they weren't getting best price for person who had their property repossessed. I spent about 20 mins on the phone and they insist there is nothing they can do even if the estate agents are behaving fraudulently/corruptly. I can't speak to anyone who deals with repossessions or anyone in legal etc. They refused to let me speak to a more senior person. They kept telling me to speak to estate agents. After going round in circles they said speak to the Financial Ombudsman. As I said to them Ombudsmen don't normally act unless you've gone through a complaints process. Apparently there is no email address for complaints and they don't answer their phone!

Any suggestions - it just seems so wrong that the estate agents can do this and get away with it

OP posts:
KievLoverTwo · 20/05/2024 16:16

Have they sold it to a mate at a lower price?

Is this a chain of Estate Agents, and have you spoken to anyone at their head office, if so?

Some of them are regulated, others aren't - I would check and see if they are.

DrJonesIpresume · 20/05/2024 16:27

They will have undervalued it and be selling it to a mate. Either a property developer or a buy-to-let landlord. The lender won't care one jot as long as the outstanding debt is cleared.

6littlechickens · 20/05/2024 16:41

KievLoverTwo · 20/05/2024 16:16

Have they sold it to a mate at a lower price?

Is this a chain of Estate Agents, and have you spoken to anyone at their head office, if so?

Some of them are regulated, others aren't - I would check and see if they are.

No idea who they sold to.

It is a local chain - hadn't thought to contact HO so thanks for suggesting.

I've checked and they are regulated by Property Ombudsman

OP posts:
MistyRoseBlue · 20/05/2024 16:42

Cash buyer or someone they deal with frequently such as a property developer

ExhaustedGoose · 20/05/2024 16:44

They'll have accepted an offer from a friend/relative/business associate & are ignoring you until the exchange has happened. It's shitty and fraudulent but I doubt you'll get anyone to act in time before exchange

KievLoverTwo · 20/05/2024 16:44

6littlechickens · 20/05/2024 16:41

No idea who they sold to.

It is a local chain - hadn't thought to contact HO so thanks for suggesting.

I've checked and they are regulated by Property Ombudsman

Idk if it will get you anywhere, but I would ask to speak to the Head of Human Resources at their HO and lodge a formal complaint and say you want a resolution, and let them know your next call will be to the Property Ombudsman.

Tbh, pretty much all the regulators in the UK aren't worth the money they spent on their logo. They're all massively under-funded and have very little power to get things done, as a result.

So, the Head of HR may just laugh at you whilst you're on mute :(

fromtheshires · 20/05/2024 16:57

I had this with an estate agent when buying a repo. I was told it was all but the other persons house when i enquired but they would let me look as a courtesy. When I got there the estate agent was in the car and the viewer was in the house so clearly an underhand deal as he stuck to me like glue during the viewing.

I went to the office to submit my offer as I did not want to deal with that estate agent. Luckily I knew what was coming and had my DIP and bank statements showing proof of funds.

The branch manager was very accommodating compared to the estate agent especially when I told him why I was offering in person in branch.

AlohaRose · 20/05/2024 17:15

When did you make this offer? If it’s a local chain of estate agents, can you not turn up in the office and actually demand to speak to the agent?

New posts on this thread. Refresh page
Swipe left for the next trending thread