‘Offer of Notice’ for a repossession house, anyone been gazumped?
I found a repossessed house and I have put an offer in for it. It’s been accepted and now an ‘Offer of Notice’ will be displayed in the newspaper incase anyone else wants to put a higher offer in. Has anyone been in this situation before and been gazumped? What happened?
Passive Income
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June 1st, 2010 at 8:45 am
sadly this is normal its basically just a bidding war highest bidder gets it xx
June 3rd, 2010 at 8:30 pm
Yes…..last year In Battersea… a property developer did this to me… after the offer of notice was issued.
I just walked away…bcoz as far as I am concerned the money is made at purchase…not at selling…good luck
As for the market investors are v v busy buying repo’s and that too many people have over stretched themselves naively on cheap credit and are having to sell up….mortgage brokers are v v busy..its the average Joe that’s staying out of the market..bcoz the average Joe like to buy when the market is on the up..strange market psychology…..
June 3rd, 2010 at 11:09 pm
We gazumped someone 15 years ago, if its a repossession there is nothing to prevent you from upping your offer, anyway, its nerve breaking stuff, as we did not want to get into a bidding war. We dont know them or their position but paid 40K less for the home than a neighbour did a year earlier.
If your meant to have it you will be fine its not gazumping its being out bid.
June 7th, 2010 at 12:52 am
This is the law and it’s always been so. If somebody puts in a higher offer you are of course at liberty to raise yours.
June 9th, 2010 at 5:06 am
You will probably find that if after the 7 day notice and someone else does make a higher offer you will be given the option to raise your offer or it will go to sealed bids and that is where all parties are asked to place their best and final offer in writing to the estate agent by a certain day and then the highest one gets it