Statistician Posted February 5, 2011 Report Share Posted February 5, 2011 Since when has it been acceptable to advertise for gazumping, whereby an offer has been accepted? Part of property description advertised by the EA - see below link on rightmove: "We are acting in the sale of the above property and have received an offer of £230,000. Any interested parties must submit any higher offers to Your Move Bexleyheath agent before an exchange of contracts takes place." http://www.rightmove.co.uk/property-for-sale/property-17146329.html?backListLink=%2Fproperty-for-sale%2Fmap.html%3FlocationIdentifier%3DSTATION%255E8252%26minPrice%3D200000%26maxPrice%3D300000%26maxDaysSinceAdded%3D1%26minBedrooms%3D3%26maxBedrooms%3D4%26displayPropertyType%3Dhouses%26oldDisplayPropertyType%3Dhouses%26radius%3D1.0%23_includeSSTC%3Don%26auction%3Dfalse%26displayPropertyType%3Dhouses%26locationIdentifier%3DSTATION%255E926%26maxBedrooms%3D4%26maxPrice%3D300000%26minBedrooms%3D3%26minPrice%3D200000%26oldDisplayPropertyType%3Dhouses%26previousSearchLocation%3DBexleyheath%2520Station%26radius%3D1.0%26searchLocation%3DBexleyheath%2520Station%26searchType%3DSALE%26useLocationIdentifier%3Dfalse%26box%3D0.11175%2C0.14076%2C51.45299%2C51.46636%26popupPropertyId%3D17146329%26mapType%3DMap&fromMap=true Quote Link to post Share on other sites
jonb Posted February 5, 2011 Report Share Posted February 5, 2011 This is most likely a reposession sale where they are required to do that. Quote Link to post Share on other sites
6538 Posted February 5, 2011 Report Share Posted February 5, 2011 This is most likely a reposession sale where they are required to do that. Sounds like it. The Mortgagee who has taken it into possession has a duty to obtain the best price reasonably obtainable on the day of sale. Although an ad like the one above isn't stricly a requirement when a property is sold by the mortgagee lots of them do it as it provides greater evidence that they have discharged their duty satisfactorally. Quote Link to post Share on other sites
long time lurking Posted February 5, 2011 Report Share Posted February 5, 2011 Yep most likely a repo seen a lot around my way advertised like that ,and after siting on the market for several months with a offer of £x they all of a sudden have a new offer of £x `s which is always a fair bit lower than the original offer ,which is what the bank has to try to achieve and is almost certainly not a genuine offer Also another trick they use is to advertise them at one price then within a week or so they then change the add to we are in receipt of a offer of £x which is normally a few grand above the original price ,and you are invited to offer above that ,but in most cases the above happens after a few months and if it`s a reasonable price it then sell`s BTW this is the bottom end of the market the middle to top is still in la la land Quote Link to post Share on other sites
MonkeyNuts Posted February 5, 2011 Report Share Posted February 5, 2011 Yeah probably a repo. But 230K for that place, depressing. Just goes to show prices in London have not budged much since the peak. Quote Link to post Share on other sites
bumpy Posted February 5, 2011 Report Share Posted February 5, 2011 Must be a prime area to warrant all that steel on the windows and doors. BTW whats all that white stuff oozing across the rear courtyard? Quote Link to post Share on other sites
6538 Posted February 6, 2011 Report Share Posted February 6, 2011 Yep most likely a repo seen a lot around my way advertised like that ,and after siting on the market for several months with a offer of £x they all of a sudden have a new offer of £x `s which is always a fair bit lower than the original offer ,which is what the bank has to try to achieve and is almost certainly not a genuine offer It might be. It's a forced sale so lots of people will think it a good idea to put a low offer in on the off-chance that the original one will fall through so they're ready to step in to the breech and get it on the cheap. I would - and have. Quote Link to post Share on other sites
gilf Posted February 11, 2011 Report Share Posted February 11, 2011 Must be a prime area to warrant all that steel on the windows and doors. I think that's pretty standard these days, especially for a repo. Although that place is on the main road and a total dump, I'd suggest they bite the hand off the person offering £230,000 because that's twice what its really worth. Quote Link to post Share on other sites
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