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    • LR2014
    • By LR2014 18th Mar 17, 9:42 PM
    • 3Posts
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    LR2014
    Corporate property
    • #1
    • 18th Mar 17, 9:42 PM
    Corporate property 18th Mar 17 at 9:42 PM
    Hi

    Does anyone have any experience of buying a corporate or repossessed property. We have been told all about the 28 day exchange timeline, and that we could be gazumped at any time. Which is scary.

    Also is it best to go in at asking price to avoid this or can we still try for less running the risk of someone coming along and offering more? The house is worth more than the asking price for sure but don't want to go in with too high an offer and not grab a potential bargain!

    Any help would be great

    Thanks
Page 1
    • Mr.Generous
    • By Mr.Generous 18th Mar 17, 10:21 PM
    • 1,611 Posts
    • 2,409 Thanks
    Mr.Generous
    • #2
    • 18th Mar 17, 10:21 PM
    • #2
    • 18th Mar 17, 10:21 PM
    You have to remember with a corporate sale the lender (lets call them a bank) is obliged to get the best deal for the previous owner & the bank. After they accept an offer they usually publicize it saying something like "An offer of £155k has been made on property xyz, offers above this will be considered until Date 01/23/45" or something along those lines. It doesn't mean they would automatically accept a higher offer, they would consider it. If they felt it would delay the sale or the buyer might pull out or mess them about they don't have to take the higher offer.

    In my (limited) experience repossessions sell over the asking price. They pitch it low to generate interest. As a property developer I have been outbid twice and successful once with Repo's. We got outbid by a builder once, and a young couple bankrolled by mum & dad once. The 1 we won went to 'best and final offers' in sealed bids. The agent told us we were outbid but the higher bidder was waiting on a mortgage and had done this previously and then messed them about. We were buying cash and don't have a survey - the price we agree we go ahead quickly.

    The Repo's we have looked at all required a load of work, but have the best opportunity for adding value quickly with a refurbishment.

    You need to get the agent backing your bid so make sure they know you are seriously interested at the right price.
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