repossession

Decadent_Fool

poppysarah wrote: »

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

Because the auction wouldn't have been for at least another 6 weeks, so they'll have their money a lot sooner.

Hectors_House

pickets1980 wrote: »

we could go to 120k just didn't know how the mortgage company worked weather they would jus recoup there 90k owed to them.

The way I understand it, if the house was repossessed by a bank they are allowed to try and make a profit on it.

The repo I've just bought was initially put on the maket at £95k. It was then reduced to £85k.

We went in with an offer of £72k due to it needing so much work doing on it to make it inhabitable.

We waited, and waited then finally heard the offer had been accepted. And despite that price being advertised in the local press they still had no more interest so we went ahead and bought the house.

I don't think you need to worry about whether your offer is going to be too low.

As long as the house hasn't only just appeared on the market in the last month or so I think any offer will be considered.

hethmar

Though I would wonder why a seemingly bargain place has been on the market for over a year with no decent offer.

KT1985

hethmar wrote: »

Though I would wonder why a seemingly bargain place has been on the market for over a year with no decent offer.

It just happens like that sometimes- we bought a repo at auction in December and saved nearly 20% on what was perceived to be the market value at the time. It had been on sale for nearly a year, and we bought for 50k less than the starting marketed price.

Going to auction is great- so long asyou ae totally prepared for it ad have looked into all of the details of it beforehand.

geoffky

Debt_Free_Chick wrote: »

They will want to get as near "market value" as possible, which is simply what someone is prepared to pay for it.

It will need to be more than £90k - in addition to the mortgage outstanding, there will be all manner of other fees/costs, not least of which, the EA's fee.

All you can do is offer and see what happens.

THEY will let it go for less than the 90k if they have to...they just have to show they tried to get the best price possible...in the last crash some places went for under 1/2 what was owed..