repossession

pickets1980

so its all a bit of a murky world then? is it wise to let it go to auction and try and purchase it there?

socrates

Make them an offer and see where it goes - you have nothing to lose

hethmar

If it goes to auction you would have to spend out before hand on surveys and so on and then have 10% to put down on the spot. It may not be in your interest to let it go to auction if you really want it.

Remember, once you have made your offer and its accepted the agent has to advertise the price offered in the local press and invite further offers. If yours is a reasonable offer to start with, less people will be likely to try a bit higher to get it.

GDB2222

I hope I am not being too negative, but I keep saying posts like this, where the original asking price is mentioned and the reduced asking price is mentioned, but no mention is made of the estimated value. So, it is impossible to answer the question that was raised. However, in response to the simple question of whether the lenders will accept just the amount outstanding on the loan , the answer as other people have said is no.

Decadent_Fool

I've just bought a repossession at 25 percent less than the market value; I sealed the deal by saying that completion would be done and dusted in 28 days, so they'll have their money sooner rather than later.

With more repo's going to auction, people have a wider choice and as such there's no guarantee that it'll meet guide price. I'm with others on here; make them an offer, all they can say is no, and don't come across as desperate for it!

Most importantly, good luck and have fun in your new home

besonders1

However, in response to the simple question of whether the lenders will accept just the amount outstanding on the loan , the answer as other people have said is no.

I would imagine that banks would be wanting to make a profit to cover the losses of other homes that have been repossessed, I suppose now its a race against time for banks to get the best price for the house while they can. I find that auctions can be unpredictable some I have seen go for less than market price and other homes which are a complete dump have attracted loads of interest and sold for a ridiculously high amount.

poppysarah

Decadent_Fool wrote: »

I've just bought a repossession at 25 percent less than the market value; I sealed the deal by saying that completion would be done and dusted in 28 days, so they'll have their money sooner rather than later.

Repos through EA geneally give you 28 days to complete so I am not sure what you think you've done extra to that.

pickets1980

so money in the bank is the key to it all.. auction might be the best way to go about it just thought i saw the chance to snap a bargain up... still tempted to try there luck though with a cheeky offer though.

pickets1980

what is a reasonable offer on a house that as been last valued at 139k 6 month ago and the outstanding mortgage is 90k???

hethmar

The one that gets accepted You could try half way £115k - depends on how much you really want that particular house.