Is that the fine thing now?

(18 Posts)
Stevie77 Thu 31-Mar-16 14:21:52

Not looking to move, just keeping my eye outsnooping I've come across this www.rightmove.co.uk/property-for-sale/property-38970822.html#_full-description

Is that the done thing now? Inviting people to gazump? It is a desirable area but the market has been pretty quiet. Good houses will sell but overpriced ones will languish for months.

Stevie77 Thu 31-Mar-16 14:22:29

Damn autocorrect - DONE not fine

namechangedtoday15 Thu 31-Mar-16 14:28:21

Yes, thats not too far from me and the market is beyond crazy, everything going for in excess of the asking price. I think EAs are protecting themselves by advertising that its going for offers over, so they don't get disgruntled buyers coming along later who perhaps missed out by not knowing they have to move so quickly.

I also think from the EAs point of view it probably saves them quite alot of work with people making offers at or below the asking price. If they advertise as having received an offer at X, buyers know that unless they're exceptional (cash buyers maybe or something similar), there's no point in even contacting the EA if they can't beat the current offer.

namechangedtoday15 Thu 31-Mar-16 14:29:35

Love the state of the art kitchen by the way wink

ThroughThickAndThin01 Thu 31-Mar-16 14:30:22

It's probably because it's a probate sale.

EssentialHummus Thu 31-Mar-16 14:30:38

This is most likely a distressed sale - i.e. the bank repossessed (or probate). These things have to stay on the market until exchange, and as the bank wants to maximise the price it gets, you see messages like this. I wouldn't expect it in a "normal" sale (she prays).

MuddhaOfSuburbia Thu 31-Mar-16 14:31:09

I think they do that if it's a reposession? Could be wrong mind

I've seen it quite a lot here (London)

AgentProvocateur Thu 31-Mar-16 14:31:11

Maybe it's a repo, where they're obliged to publish the offer to try and get a higher one?

AgentProvocateur Thu 31-Mar-16 14:31:34

Huge cross post. wink

Stevie77 Thu 31-Mar-16 14:40:50

Ahh, maybe it is a probate sale. Would make sense looking at the state of it.

Can't believe the money it's going for. I know it's detached but the plot isn't big, so a decent extension would eat up much of the garden.

namechangedtoday15 Thu 31-Mar-16 14:45:23

Its unlikely to be a repossession (estate agents usually have a "blurb" to publish - this isn't it) but you're right it might be a probate sale.

Haven't you seen all the "best & final offers" advertising at the moment though?!

Stevie77 Thu 31-Mar-16 15:14:05

No... Links!

namechangedtoday15 Thu 31-Mar-16 16:19:52

1

2

3

4 (similar wording)

BitchyComment Thu 31-Mar-16 16:23:08

I think it's, sort of, ok. It wouldn't be gazumping unless they had accepted the original offer.

GETTINGLIKEMYMOTHER Fri 01-Apr-16 09:02:38

I think it's usual for repossessions - the EA has to be seen to be trying to get the best price for the lender. You can sometimes tell whether it's a repo from the internal photos - tapes over the loo, etc.

As executors for relatives we have handed a couple of probate sales, but there was nothing like this, and the EAs did not suggest it. Except that the properties were empty they went ahead the same as any other sale.

Bearbehind Fri 01-Apr-16 09:07:01

This only happens where there is an regulatory obligation to secure the best possible price, usually a repossession.

Stevie77 Fri 01-Apr-16 18:26:35

Makes sense! I'm surprised a property in such a poor condition is under repossession but who knows...

evrybuddy Fri 01-Apr-16 19:21:22

That's a repossesion - legal obligation to secure best possible price.

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