Yesterday I had a good chat with an agent in Luton, just a little north of London, England and we were discussing bank sales.
When they get a bank sale, they must advertise and promote the property for 14 days minimum, And then, (get this) when and if they get an offer, the offer price must be posted publicly for all to see. Theoretically, the purchaser can get bumped up to the last day of closing!
That's right, you can do an inspection, financing and legal and up to the day of close, someone can bump you and the purchaser is SOL. (sh*t out of luck). Good for the lender but not good for the buyer and his or her representative.Without buyer representation, buyers are jumping from agent to agent looking for deals! I explained to him how the process works in Ontario and how I perceive it works in the U.S. and he was dumbfounded.
Regardless of what country you practice real estate, people, lenders and lawyers are quite similar. Only the process is different and if those are the regulations, so be it.