Estate agent will not divulge who the receivers of repossessed property are.

K

Kerrigan

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My son has shown an interest in a repossessed property. It's been on the market for well over a year. Yesterday he decided to make an offer on it but less than 24hrs later a flurry of bidders have come forward! Where these mystery bidders have come from is anybody's guess but all we know is they did not exist yesterday!

Local gossip has it that the EA drinks with the individual who has had the property repossessed and are in cahoots to keep potential bidders at bay to allow the family of the previous owner purchase it at a knock down price.

Son has asked the EA who the receiver is and EA has refused to divulge this information. Does he have a right to this information or is EA in the wrong?
 
No he doesn't have the right to this information. However if you conduct a Land Registry search you will see which financial institution holds a charge over the property.
 
It might not be a registered title. So that information may not be readily available.

"Local gossip has it that the EA drinks with the individual who has had the property repossessed and are in cahoots to keep potential bidders at bay to allow the family of the previous owner purchase it at a knock down price."

But, of course!

Estate agent will risk his professional reputation and his relationship with the client, the receiver, to sell at an undervalue.

I doubt it.


mf
 
Sometimes it happens that several people are interested in a property and play a waiting game trying to talk down the price, if they think there is no other interest. The first actual bid will flush them out and this appears to be whats happened here.
 
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