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These terms are typically given to properties where an offer has already been made but the mortgage company continue to market the property, in order to achieve a higher price.
Woodfords Solicitors explain this process:
“The mortgage company is obliged to obtain the best price for the property and therefore they will most likely insist on publishing a “notice of offer” in the local press, giving details of your offer made, and stating a time period during which they are still willing to accept higher offers. This leaves you open to the possibility of being gazumped and losing the property, or being forced to increase your offer in the face of rival bidders.”
Whilst there are more of these properties, as they are easier to find, buying a ‘Notice of Offer’ property means you are gazumping another buyer which typically means entering a bidding war and an incursion of fees for a property that you may lose.
Whilst this can attract buyers as it is likely the original bidder has performed research on the property before submitting a bid, allowing the next bidder more piece of mind; for investment purposes, investing in repossessed properties before this stage is preferable.
Our Premium Plan helps our members avoid this as all premium properties are individually sourced by our team and are uploaded to repossessedhousesforsale.com before an offer has been made, making you the first bidder.
Why repossessedhousesforsale.com is different
At Repossessedhousesforsale.com, we also offer our Premium Plan which identifies properties that have clear repossession indicators, but are not yet at ‘public notice’ stage, meaning, you are more likely to secure your property without being gazumped and incurring excessive unnecessary costs.
For more key considerations when buying a repossessed property, please see Woodfords Solicitors article here: https://www.woodfords.co.uk/buying-a-repossession-property-key-considerations/
