trying to start a bidding wars

acehole

hi all,
we are currently looking for a buy to let property in Nottingham,
because of this we are having a daily trawl through rightmove.
we have noticed that adverts are popping up saying we have had an offer of £xxx already for this property if you want to make a better offer do so before completion.
at which point I think shove that property where the sun doesn't shine.
so I guess someone is sitting there thinking they are going to own a property they like/want only to have it snatched away at the last minute.
acehole

REDDDRAGGON

Are you sure they aren't repossessions?

Alias_Omega

Never seen that function..


Maybe its tailored advertising. I would clear your cookies/history and try again.

Halle71

I think that this 'notice' is a legal requirement when selling a repossession.

densol_2

Halle71 wrote: »

I think that this 'notice' is a legal requirement when selling a repossession.

Exactly this ! Lenders ( via estate agent ) are legally obliged to get the best fair price for a repossession property and therefore set out when they have received an offer. Look at these carefully rather than dismissing them as some of the offers are pretty low and if you are in a good position and can stomach a bit if DIY ( often the case with repos) then you may be able to place a better offer

eddddy

As others have said, this is a legal requirement for repossessed properties.

Estate agents don't like it. In "normal" circumstances, they won't tell you what a property is "under offer" at.


The reason EAs don't like is that if another offer comes in, it means more work for them and they have to wait longer to get their fee.

(As an example, if the first offer is £100k, and two weeks later an offer of £102k is made - everything is potentially pushed back two weeks, and the the EA probably gets about an extra £20 for all the extra work.)


ETA: Often, when you ask to view a repo that is already under offer, the EA will try to deter you - for the above reasons.