ok - seen a nice house. How do we know if it's a repossession?

domcastro

Hi,
The EA this morning has sent me details of a lovely house that is on the market for 237k. He knows my budget is only 205 - 210k so I feel I have a chance. The house looks empty but there is no mention of "no chain". I searched past house prices and that house was bought in Jan 2005 for 249k. The average house price for that road is over 200k (from 2000)

I'm going to do a drive by later before I book a viewing. I have 50% deposit so it will need to lose another 100k before my mortgage is bigger than the value. I don't plan to move for years.

So, could this be a repossession? How cheeky is cheeky offers? At the moment (before I've viewed!!!!!!)I would be theoretically happy to buy it for 205k. Am I not being as brave as I should be? What would the cheeky members offer? Can I be more cheeky if it's a repo?
thanks
ps this is the nicest house I've seen (from photos)

GDB2222

Is there an old car parked in the driveway?

domcastro

GDB2222 wrote: »

Is there an old car parked in the driveway?

No - I'm not good at getting jokes if that's a joke??! It's in perfect condition

PasturesNew

In some there's plastic tape over the facilities telling you not to use them as they were drained down.

You could ask the EA outright.

domcastro

In the property details it says
NB your attention is drawn to the fact we have been unable to confirm whether certain items included in the property are in full working order. Any prospective buyer must accept that the property is offered for sale on this basis.

They sent me 4 other property details today and none of them have this NB clause

HollaHolla84

domcastro wrote: »

In the property details it says
NB your attention is drawn to the fact we have been unable to confirm whether certain items included in the property are in full working order. Any prospective buyer must accept that the property is offered for sale on this basis.

They sent me 4 other property details today and none of them have this NB clause

In my exp. which isn't that great, any property that we viewed that stated this turned out to be a repossession. But as other people have said, just keep a look out for tell tale signs. Do not use stickers and tape etc.

poppysarah

Go look at the property and if there's a notice taped to the window then read that.

Debt_Free_Chick

domcastro wrote: »

In the property details it says
NB your attention is drawn to the fact we have been unable to confirm whether certain items included in the property are in full working order. Any prospective buyer must accept that the property is offered for sale on this basis.

They sent me 4 other property details today and none of them have this NB clause

Sounds like reposession or probate. Either way, the owner/occupant is not available to answer questions.

Personally, I don't think it matters what the position of the seller is. You are only prepared to pay £x so you must focus on that. Offer £195k

domcastro

Thanks all. Who rejects offers on repos? I'm going to go and have a drive out there right now - the traffic is better!

geoffky

can you complete in 14 days?

oilit

stickers showing items disconnected and drained down are indicative of a company behind the disposal.

Ask the agent - they have no reason to not tell you.

Also, as per above note - it shoudlnt matter - just negotiate the price you think is fair - I would go in at 200k !

Be aware, if it is repossessed, sometimes teh agent is obliged to place an advert in the local paper confirming the offer on the property and asking for higher offers within a certain timeframe.