Need Advice --- Make an offer for one repossessed property

janefen

I found one proper repossessed property, and the asking price is 120,000. The original price of this flat was around 100,000 in 2002. After doing the search, I found that the price of flats in this area has dropped 24,000 within last year.

There are several non-repossessed properties in the same area which are around 140,000.

Would you please suggest how much I should offer?

Any advices about purchasing the repossessed property are welcomed!
Many thanks!!

janefen

Any suggestion?

thanks!

icebergx

Up to you really, you can go in as high or as low as you want to.
How long has the property been no the market for?
I'd probably start at £95k and work my way up but it all depends what properties of this type are selling for. If they're selling for £100k, I'd start lower.
Ultimately, pay what you're happy paying and not a penny more.

janefen

icebergx wrote: »

Up to you really, you can go in as high or as low as you want to.
How long has the property been no the market for?
I'd probably start at £95k and work my way up but it all depends what properties of this type are selling for. If they're selling for £100k, I'd start lower.
Ultimately, pay what you're happy paying and not a penny more.

Thanks iceberg!

This property is a flat which was built in 2002, and the price at that time is around 100,000. This property has been on the market for 5 months.

I am going to make the offer from 96K. Anyway, thanks a lot!

merlinormartin

Hi Jane

We have just completed on a Repo 4 bed house, the house was up for £120k we offered £110k and the offer was excepted. We could have probably gone lower but we know for a "fact" that there was 2 other parties intrested in the property and we thought £110k was a good price.

Good Luck!

janefen

merlinormartin wrote: »

Hi Jane

We have just completed on a Repo 4 bed house, the house was up for £120k we offered £110k and the offer was excepted. We could have probably gone lower but we know for a "fact" that there was 2 other parties intrested in the property and we thought £110k was a good price.

Good Luck!

Thanks!

I am going to do the 2nd view for this property this weekend, and I am going to offer 100k or 105k because this flat was sold around 110k in 2004. Hopefully, there will be no other parties will be interested in this property;)

robbief_3

Hey Jane. hope you get your bid accepted and everythink goes smoothly.
How do you find out the houses that are repo's?? I have been trying for the past few weeks and had no luck. Any info would be great.

merlinormartin

I am going to do the 2nd view for this property this weekend, and I am going to offer 100k or 105k because this flat was sold around 110k in 2004. Hopefully, there will be no other parties will be interested in this property

Good Luck! dont foget if they reject your offer, you can always wait for the "advert" to be in the local paper then increase that offer by a few ££.

How do you find out the houses that are repo's??

Most seem to be advertised "normally" with the local EA, but when you go to view them you will notice the letter box is "blocked" all water outlets have tape over them and they often have a "notice" in the front window. ,,, sometimes if you look at rightmove your can "spot" what looks like a "notice" in the window.

This one might be if you look closely..is that a notice? ... here

robbief_3

thanx mate really helpfull. seems to be a few in my area when i look closely at the pictures.

janefen

robbief wrote: »

Hey Jane. hope you get your bid accepted and everythink goes smoothly.
How do you find out the houses that are repo's?? I have been trying for the past few weeks and had no luck. Any info would be great.

Hi Robbief, sorry for my late reply!

Searching the property from rightmove, and you can ask the agent whether this property is repossessed one or not. Also, the price of this kind property is much lower than others. Normally, there is no electricity and water in this property, and it would be better to view it during the daytime. Otherwise, you can't see the inside clearlly. Good luck:j

janefen

I put an offer 105k for the repossessed prooperty which asking price is 120k, and waiting for the reply from agent.