Is this a new thing with house buying / selling?

MORPH3US

Just noticed this on a property listing website....

We advise that an offer has been made for the above property in the sum of £167,000. Any persons wishing to increase on this offer should notify the agents of their best offer prior to exchange of contracts.

Never seen anything like it before and seems quite bad to me (from a buyers point of view) if I offered on a house I would expect the offer to either be accepted or declined... if its accepted then I don't expect them to try and get someone to gazump me / carry on marketing the house.

pie81

that's certainly unusual... is it a repossession??

Person_one

Almost definitely a repossession. The mortgage companies who own them are legally bound to get the highest price possible for them and to advertise any serious offers in this way.

delmar39

Not seen this before perhaps vendor has advised the EA to advertise this? As we've recently sold we've taken our property off the market, but I guess it's down to trust that we'll honour the deal and the buyer will progress to completion. Nothing is ever set in stone until signed on the dotted line, but we certainly wouldn't sell once accepted a good offer.

clockworks_2

Sounds definitley like a repossesion.

G_M

It's a repossession. Legal requirement to advertise the offer in this way. Usually it's done via a small ad in the local paper rather than a property website though.

Horizon81

I've seen loads like this. They're often in a section near the classified sections of local newspapers. From what I've seen they're usually for repossessions.

Squish_21

Yup agree, its a repo.

MORPH3US

Fair enough.... I have seen a few like this - sign of the times I suppose.

googler

Seems to be quite common for repossessions, or even mandatory, according to some people here. However, once again, it seems "..not for viewers in Scotland" .... never ever seen it up here.