Making an offer on a repo - advice needed please

Sonofa

Doozergirl wrote: »

If it's a repo I wouldn't feel guilty offering very small amounts - there's a set amount they will accept, you have to find it. Offering large amounts means you might pay more than you need.

It's taken two weeks to get an answer before.

I don't want to sound overly dramatic, but does any of what you've said really apply anymore?

Lenders' still have the attitude with regards to repos that 'We're doing you a favour selling it this cheap, meet our criteria or get lost.'

So what happens if you don't keep upping your offer? Lenders aren't property barons (unless they are called Grosvenor Estate Agents) they really don't want to own houses so will eventually either drop the price or send it to auction. At this point you can definitely assume any reserve set is a lot lower that the price they previously, stalwartly refused to go below.

Two weeks for a decision; this is where the lenders need to really evolve. In two weeks the current situation, in relative terms, may have moved on two years in comparison with what's gone before. You make an offer, they say yey or ney; why should this take two weeks to do? Lenders are treading through the same quagmire of chit that the rest of us are. 'Time is money' never meant as much as it does today.

They need you, cause 'you' is now so few, far more than you need them.

poppysarah

Stick to your guns.

Whatever you offer it has to go into the paper and someone can outbid you.

Ring them and say that you're happy with your offer - you will not be upping it, and it's a final offer.
They've sensed you'll up it - so you have to now be doubly firm with them.

View another house with that EA too. Maybe two.
Show them you're not desperate for that particular house.

woody252506

Thanks for the advice guys!

We have another we have seen that we like and I told them so, although it wasnt with them so they make think I am bluffing.

Our original offer was 20% under the asking price