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Actively Encouraged Gazumping By ‘mann Countrywide’ (estate Agents)

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Read this in the local property photo gallery.

‘An offer has been received on this property for £114,000 anyone interested in making a higher offer please contact us’

Incidentally the property was a dump in drugville-asboland.

If I had made the initial offer I would have pulled out immediately. Additionally I have made a mental note to never touch Mann Countrywide with a bargepole in future.

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Read this in the local property photo gallery.

‘An offer has been received on this property for £114,000 anyone interested in making a higher offer please contact us’

Incidentally the property was a dump in drugville-asboland.

If I had made the initial offer I would have pulled out immediately. Additionally I have made a mental note to never touch Mann Countrywide with a bargepole in future.

I have seen this sort of ad before, I think those I have seen were for properties repossesed by the mortgage company. the property next door to my parents was repossesed and was advertised like this in the local paper.

pete

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Read this in the local property photo gallery.

‘An offer has been received on this property for £114,000 anyone interested in making a higher offer please contact us’

Incidentally the property was a dump in drugville-asboland.

If I had made the initial offer I would have pulled out immediately. Additionally I have made a mental note to never touch Mann Countrywide with a bargepole in future.

If it is a repossession (which sounds likely) it is a legal requirement to advertise any offers received so that the lender can be seen to achieve the best possible price.

So probably not something you can blame the EA for in this case.

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If anyone can confirm that t is a legal requirement to list offers on reposessions then I will concede that Mann Countrywide are not gutter scum on this single issue.

Regardless it doesn't actually say that an offer has been accepted simply that one has been made. Not the same thing so not technically gazumping.

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If anyone can confirm that t is a legal requirement to list offers on reposessions then I will concede that Mann Countrywide are not gutter scum on this single issue.

Can't confirm if there is a specific law that covers this but lenders selling a repossed property are obliged to get the best price and if they receive an offer which is acceptable they will make this public via the agents own property ad or by placing an ad in the public notice section of the relevant paper.

Done to ensure anyone interested is aware of the situation and also to cover the lender from claims by the original owner that it was sold cheaply.

Been normal practise for decades.

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If anyone can confirm that t is a legal requirement to list offers on reposessions then I will concede that Mann Countrywide are not gutter scum on this single issue.

I can't find the link right now but there is a requirement to do this so that the repo company can tell the bank (and therefore mortgagee) that they did all they could to get the best price for the property. Something to do with preventing repos going cheap on the side to EAs and their families. Which, by the way, I believe still happens - there's a lot of secrecy involved in the selling of repos in my experience.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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