Next door house on sale? do i have first right of refusal? dodgy estate agents selling...PLEASE HELP!!!?

Question

I am interested in purchasing my neighbours property which was repossessed by a finance company, I have conducted a land registry search and obtained details of this company to express my interest in purchasing the property but they said to approach the estate agents who have the house on their books. after doing that, we went for a viewing and made a 'verbal' offer after which the estate agent promised to put it forward to the seller. its been over 5weeks, and i have been chasing up the estate agent every other day but all he says is 'its complicated, i've put the offer to 'them'(seller) and they will get back to us (agents)' however, the house has been viewed by at least 50 different families, and the agent said there have been 3 offers of the full asking price (the house is run down and in SLOUGH). i think the estate agents are upto sommat dodgy,as after 2months on the market, the house has not been snapped un-unusual for this area.it could be that they will sell it on the sly?

what should I do? contact a solicitor??
1.how can i be sure he's (the estate agent) has put my offer forward?
2.being a neighbour, do i have first right of refusal?
3.what can i do push this process further
4.anyone know of a good property lawyer in Berkshire? - pref. slough or windsor
5. can i put a notice in the paper expressing my interest??-i heard abt something like this but not sure what it is- can someone enlighten me?
6. i am willing to offer full market value (obviously after survey)-am a first time buyer-no chain, can have mortgage in 30days etc..

i enquired if it would go to auction, but that's only if it did not sell- but with so much interest- why would it not sell??! i've put a verbal offer in- 3 other ppl have too..dunno whats going on

Terry S- i think 'sommat dodgy' may be going on, because 3 offers in the first TWO WEEKS of the FULL asking price, yet it's not off the market, and not sold subject to conditions etc...and agent not responding to my offers, and NEVER calling me back when i get in touch.. just what i think- obviously i wont say this stuf tot he agent just yet cos it would jeapordise (sp?!) the process...so yes, point taken about defamation of character!

Answer 1

make a written offer that's all you can do legally if you get turned down try another written offer

Answer 2

You COULD contact someone else to see if your offer then makes it through to the sellers, but it's doubtful it would make any difference. They're probably not willing to extend your offer at all if they've already had several offers of the full asking price. What sense does it make, really, to extend an offer for less?

Being a neighbour, I'm not sure how it works in Europe, but in the States this does not in any way give you a "first right of refusal." Some rental agreements will allow that in lucrative neighbourhoods, but I've never heard of a sale in which that is the case.

If you really do want to push your offer further, put it into writing. It would heavily benefit you to contract with an agent to present your offer rather than relying on their agent to do so. His motivation is nil. He already has offers on the table, and yours is considerably smaller - get your own agent to work for YOU. Consider asking that agent to include in your offer some sentimental information about how long you've been in the neighbourhood, etc.

Sorry, can't help you with a local property lawyer.

You could put a notice in the paper expressing your interest, but that is generally to no avail. You'd have to guess at whether they'd see it at all. Getting an agent is a much better idea at this point if you're serious about obtaining the property.

Being a first-time buyer does not necessarily benefit you, but could if you know the sellers are sentimental. Again, an agent could help you determine their motivation to sell. If they're VERY motivated, you could open a relationship through your agent, offer just a bit over market value and perhaps snap it up.

Your agent will also help you obtain pre-approval for your mortgage - a huge help in presenting yourself as a buyer. If you can say you are already pre-approved for financing, you become much more attractive to any prospective seller.

Best of luck to you!

Answer 3

put your offer in writing to the agent. The property must be advertised for a period of 10 consecutive weeks in the local papers asking for offers in writing it will also state the current highest bid. The agent might of been instructed by te mortgage company not to inform them any bids lower than the asking price.
What is sommat dodgy?? Learn the entire process first before casting aspersions against someone that you do not know. Have you ever heard of defamation of character?
Go and tell the agents that you think they are going to sell it on the sly! See how quickly you end up in court.
You do not have any rights regarding being given the first refusal just because you live next door!

Answer 4

Estate Agents work as agents of the SELLER in most cases. Their aim is to get the best deal possible for the seller, which also means they get the best commission as well.

Being a neighbour, or even putting an offer in, gives you no particular rights over anyone else. It is also complicated by being a repossession.

If you're serious put the offer in writing and confirm with the seller that you've done this. Then you have to wait. But if there are full price offers this is what you'll be up against - the finance company will want its money back and whatever profit it can get out of it.

Answer 5

just speaking on experience the first thing you should do is get your own real estate agent it doesnt matter if they dont own the property you have the right to use your own agent it wont make the cost of the house anymore you having your own agent means the two agents will talk terms and you will probably understand what is going if it coming from your own agent because just like the seller your agent want you to buy so he can make a commission also second make an offer once your agent has submitted the offer you may be asked to put some money in escow the good thing about this is it lets the seller know your serious aobut buying the house and if they refuse to sell you the house at no fault of your own you get your money back but be careful if you back out you lose your money so talk your own real estate agent

Answer 6

Generally, you have to contact the Estate Agents and your next door neighbour. however, as the house is repossessed, your only way is to keep pressing the Estate Agents and if they are not helpful, contact the Building Society or the bank that has repossessed the property.

It is in their best interest to get the best price for the property. I buy and sell properties and I am in very good terms with some Estate Agents who normally contact me when a property comes to market that they think I may be interested in. So aggressive attitude will not help but nice smile to your local estate agent will!!

Answer 7

I had the same problem a few years back and learned that the estate agent had made sure that my offer never got accepted and a friend of his got it! If it is a reposession then whichever offer is put to the motgagees it has by law to be advertised in your local paper,so my advice to you is to keep your eyes peeled and when you spot the advert you get in touch and make a higher offer in writing sending a copy of it to the mortgagees .Hopefully this will helpyou I know how frustrating and upsetting this can be.

Answer 8

You need to start being firm and take some definitive action. Put your offer in writing to the estate agents. Hand deliver the letter to them. Then, send a copy of your offer to the mortgage company (land registry will confirm this to you) - send it to their reposessions department. Advise them that you have put in several offers but believe that the estate agents have not put your offer forward. Copy this letter to the estate agents so they know that you mean business. Any letters sent should be done so by recorded delivery. If the estate agents do not start acting appropriately advise them in writing that you will be reporting them to the regulatory authority. You need to be firm - if you want this house you are going to have to take some action and mean business. Keep on top of things and chase up for responses.

Answer 9

you sound like you dont really know what your talking about , agents don't do verbal offers and they cant promise you anything they dont own the house. Why dont you put together a written offer under a different agent? All though i'm sure its all ready in contract anyway, Im sure thats why you havent heard from them

Answer 10

In all likely hood, they have a preferred buyer, with whom they probably have a material interest. They want to sell it to them at a below market price, and resell it later a full market value, and take their share of the profit. If that's the case, all these other offers are just getting in the way. They have a legal obligation to present all offers, and responses.
What makes it suspicious, is that they supposedly had multiple offers at full price and didn't sell it! Not only is that stupid, in most places it's also illegal. I think you're right, something's up.

Answer 11

A verbal offer is worthless. Put it in writing. And being a neighbor to this property gives you no special rights. The seller will accept the best offer, period.