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ukbondraider
Posts: 252 Forumite
I have in the last two days viewed 6 properties and have discovered that of the 6 properties, 3 are repossesions. (Seems like repos are quite high in the area I am looking at).
I have done a search on this forum about repossessed properties and understand that the estate agent will look for the best price and even with an offer will keep on marketing the property for the highest price.
My question is therefore, how should i proceed with putting in an offer:
A 2 bed is currently listed at £155K (will need major work, new kitchen, paint, carpets, two of the minor walls have holes in them the size of a fist, ceiling show signs of water leaking through from the bathroom) (the house is approx 12 yrs old).
A 3 bed is currently listed at £189K (will need plenty of cosmetic improvements) (house is only 4 yrs old)
Both have been on the market since November 2005.
Now given the fact that I dont want to lose money paying out for surveys etc with the likelyhood that these flats will effectively be sold via an auction like approach by the estate agents do I simply put a very very low first offer and wait for other bids or do I simply offer my true price and try and get it off the market.
Also, people have talked about possible bargins in repos. Given that the above prices are probably £3-5K under market value, will an offer of £135K for the 2 bed or £160K for the 3 bed be considered a joke?
Both properties will need a lot of work and given I can complete asap surely I am in a good position right?
What do you think I should do?
Thanks
I have done a search on this forum about repossessed properties and understand that the estate agent will look for the best price and even with an offer will keep on marketing the property for the highest price.
My question is therefore, how should i proceed with putting in an offer:
A 2 bed is currently listed at £155K (will need major work, new kitchen, paint, carpets, two of the minor walls have holes in them the size of a fist, ceiling show signs of water leaking through from the bathroom) (the house is approx 12 yrs old).
A 3 bed is currently listed at £189K (will need plenty of cosmetic improvements) (house is only 4 yrs old)
Both have been on the market since November 2005.
Now given the fact that I dont want to lose money paying out for surveys etc with the likelyhood that these flats will effectively be sold via an auction like approach by the estate agents do I simply put a very very low first offer and wait for other bids or do I simply offer my true price and try and get it off the market.
Also, people have talked about possible bargins in repos. Given that the above prices are probably £3-5K under market value, will an offer of £135K for the 2 bed or £160K for the 3 bed be considered a joke?
Both properties will need a lot of work and given I can complete asap surely I am in a good position right?
What do you think I should do?
Thanks
0
Comments
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dont think there is such a thing as a cheap repo-property anymore. they all go for market value, and as they want to recoup as much money as possible, the property will stay on the market until you have exchanged contracts, so that you can be gazumped at any time.
The only way to try and get it at a lower price is to get the paperwork through as quick as possible, before other people have chance to show any interest
Your offer may be accepted, as due to it being quite low it gives the estate agents a price to advertise the property at, that will draw in new interest, as with repos they have to put a public notice in the paper, saying 'offer received of £.....', so someone who thought it was out of their price range at full market value, might be able to stretch to just above your offer. And due to this, i would expect bidding wars, sealed bids, etc. as a means to get people to put in higher offers
Dont expect the buying of a repo to be plain sailing at all, and also expect lots of junk mail or debt collectors to visit you, for at least a couple of years after the sale, due to the previous owners.
Flea0 -
remember they have 28 days exchange on repos ( not that this often happens)Debt free and plan on staying that way!!!!0
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