Estate agents advertising offers

[westhamtim]

Morning all

I've seen a number of adverts recently in the local paper where estate agents have an advert for a property and also declare 'we have received a bid of £xx for this property. Any further bids must be received in writing by xx.'

I assume this is where the property is being repossessed or something? Can anybody confirm under what circumstances it is necessary for agents to do this?

TIA

Cheers

Tim

[jimbouk]

Been out of the industry for sometime, but used to be something the client requested (because they had to be able to demonstrate that they had achieved 'best / open market price') as oppossed to the agent having to do.

Generally it was linked to repossesed properties, but not exclusively.

[mcflurry]

I had it when I bought a repo - it was so that they could show show diligence in getting a fair price (and put me on tenterhooks for a week waiting to see if I had got the property)

[Smirnoff]

Its called a 7 day notice, usually for a repo. Did they put in the classifieds or in property?

[westhamtim]

Thanks chaps. The ads were in the property pages. Similar one online here:

http://www.rightmove.co.uk/viewdetails-15907399.rs...