does an estate agent legally have to tell you if there is an accepted offer on a repossessed property?
Friday, July 31st, 2009 at
6:39 pm
Made an offer on a repo, offer was rejected. Upped the offer twice with no joy. Now I find out that an offer of the asking price was accepted and is near completion. This was accepted after my first offer. The estate agent made no attempt or inclination to tell me that an offer of the asking price was made whilst I was increasing my offer. Are they legally bound to tell me there is a sale proceeding on the property when I make an offer??
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Tagged with: Asking Price • Attempt • Bound • Repossessed Property
Filed under: repossess property
In my state unless the seller has give you written permission within the contract you can not say anything about other offers.
My advice is wrong I did not realize you said the offer was excepted, I thought you just meant presented.
The estate agent is acting for the seller. They are under no obligation to tell any prospective buyer anything. And the seller or the agent has no general obligation to accept any offer.
However, when a lender repossesses they have a legal duty to sell for the highest possible price. If there are two buyers the agent should do their best to get them into a bidding war to raise the sale price as far as possible.
But if this was not done there is nothing you can do about it. The wronged party is the previous owner who has lost their home.