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    Advice on buying a reposessed property

    Hi guys, i know probably best place to go is a solicitor but none open at this time and I just wanted to see if anyone had any experience.

    My mum put an offer in for a house which had previously been reposessed, the offer was formally accepted in writing on 30/7/09 and they were given 28 days in order to do searches etc and complete.

    All was going through and her solicitor was ready to complete but the vendors solicitors (both part of an asset management company) were dragging their heels.

    My mum received a call today (day 28) from the estate agents advising her that a higher offer had been accepted.

    Obviously she can put in a higher offer if she wants to, but she has no idea what they have accepted now. But does anyone have any idea where she stands legally regarding claiming back the money she has paid out already from the vendors solicitors as they are the reason it hasn't completed already?

    She only found this out after 5pm when the solicitors had left for the day so she will be speaking to them in the morning.

    In the meantime though any constructive advice / opinions welcomed.

    8 Comments

    Sorry to hear that. Gazumping is a horrible part of buying a house. Did she sign any contracts? If so there may be some comeback. Was the thing that was in writing a contract and what does that say? Generally there is little that can be done about gazumping though as there is no contract

    Original Poster

    No contracts signed, but it justs seems a bit dodgy that on the last day they have given to complete a new offer comes in and no sign of interest before. Reason i know this is because the house in question is next door to my aunties house

    Should definitely be a law drawn up, regards gazumping. Not a lot you can do I'm afraid, however if mum doesn't want to go any higher and forget about it, I would suggest she puts a higher offer in anyway (~ £10,000) with no intention to actually buy, string it out as long as poss, don't pay anymore money out, then see how the other party likes it !

    CHANGE THE LOCKS, lol

    zermattbusby;6137061

    Should definitely be a law drawn up, regards gazumping. Not a lot you can … Should definitely be a law drawn up, regards gazumping. Not a lot you can do I'm afraid, however if mum doesn't want to go any higher and forget about it, I would suggest she puts a higher offer in anyway (~ £10,000) with no intention to actually buy, string it out as long as poss, don't pay anymore money out, then see how the other party likes it !



    haha good idea. Gazumping pretty annoying and why is it still on the market if your mum is committed to buy? I would have made sure they took it off the market if I was paying for searches etc

    Original Poster

    th reposessed properties if an offer is accepted they print in the local paper that its under offer and people can then put in higher bids if they want. Just seems strange to me that the new offer came in on the day it was to complete.

    However the estate agents are trying to say that the new offer doesn't need to be advertised???

    My mum is gonna do some ringing round tomorrow.

    Good idea on the putting in a fake offer, might get her to consider that even if she doesnt want the house

    One reason why buying a house up here in Scotland is so much easier. Hope she gets it sorted.

    moob;6137899

    One reason why buying a house up here in Scotland is so much easier. Hope … One reason why buying a house up here in Scotland is so much easier. Hope she gets it sorted.



    Scotland is a great place for buying houses and living quite cheap with the rent to. :-D
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