A number of Section 23 holiday homes (20+) were built in the early 2000's. These properties were owned by various individuals and companies. Some owned just one house while others own multiple houses. When the financial crisis hit in 2008, some of the companies who owned the properties went into receivership.
An estate agent was appointed to sell certain properties. It is worth noting that the same estate agent owned a few of the properties and was (and still is) in personal financial difficulty. During this time I approached the estate agent expressing an interest in purchasing a property if they became available and to keep me updated. I was overseas at the time. I kept in contact with the estate agent by email over the following months but he always responded by saying there was no update and these things tend to move slowly.
After a few months I noticed that 4 properties were advertised by the estate agent on daft and myhome. However, when I contacted the estate agent he said they were already gone sale agreed to individual's for €43k each. Six months later another house came up for sale by a different estate agent and this sold for €90k!
It is 18 months since we last communicated but I have since found out that he sold 2 of the properties to his daughter. Firstly, I imagine this is a complete conflict of interest. Secondly, I would have thought that an estate agent should endeavor to get the best market price for a property on behalf of its client. Thirdly, I would have thought that the estate agent had a duty of care to keep me informed. Finally, I would have thought that the receiver (through the estate agent) endeavor to get the best price? However, it may have been the case that the receiver was satisfied for the properties to be sold to the estate agents daughter but I somehow doubt this is permissible?
What can I do? In the first instance, I would like to meet with the estate agent to discuss. Also, I believe I can go through the complaints procedure as laid down by the Property Services Regulatory Authority's (PSRA). Any advice would be appreciated.
An estate agent was appointed to sell certain properties. It is worth noting that the same estate agent owned a few of the properties and was (and still is) in personal financial difficulty. During this time I approached the estate agent expressing an interest in purchasing a property if they became available and to keep me updated. I was overseas at the time. I kept in contact with the estate agent by email over the following months but he always responded by saying there was no update and these things tend to move slowly.
After a few months I noticed that 4 properties were advertised by the estate agent on daft and myhome. However, when I contacted the estate agent he said they were already gone sale agreed to individual's for €43k each. Six months later another house came up for sale by a different estate agent and this sold for €90k!
It is 18 months since we last communicated but I have since found out that he sold 2 of the properties to his daughter. Firstly, I imagine this is a complete conflict of interest. Secondly, I would have thought that an estate agent should endeavor to get the best market price for a property on behalf of its client. Thirdly, I would have thought that the estate agent had a duty of care to keep me informed. Finally, I would have thought that the receiver (through the estate agent) endeavor to get the best price? However, it may have been the case that the receiver was satisfied for the properties to be sold to the estate agents daughter but I somehow doubt this is permissible?
What can I do? In the first instance, I would like to meet with the estate agent to discuss. Also, I believe I can go through the complaints procedure as laid down by the Property Services Regulatory Authority's (PSRA). Any advice would be appreciated.