Offering on a hiuse with a public notice

Rambosmum

So in our bid to find a house (slim pickings) we've found one listed on rightmove listed as sold stc but with a public notice on it. It says "PUBLIC NOTICE: we have received an offer of [amount] anyone wanting to make an offer contact x agents on etc etc" before exchange of contracts

I think it's a reposession (is that most likely, it's empty and a fixer upper). We plan to view and make a higher offer tomorrow. Do they have to accept it because it's higher? What's the best way to proceed?

G_M

Yes it's a repo.

Yes probobly they'll accept a higher offer, though if it is only marginally higher, and the current offer is on the cusp of Exchange, they may reject (bird in the hand is worth 2 in the bush!).

But banks have a duty to get the best price possible when selling a repo.

Bear in mind you may end up in a bidding war.

Typically when buying repos, the services are switched off/drained down, so you can't test the boiler, the electrics or anything - you buy blind.

Also any enquiries will be limited as the seller won't know the property.