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Reposessions
mick_1967
Posts: 55 Forumite
A flat next door to ours has been repossessed and is a 2 bed for sale at fixed £68K whereas it was previously on o/o £85.5K. Am I right in think that they still owed £68k and the bank juist want to re-coup their money? I appreciate the value may have dropped slightly.
There are also 2 other flats in close a 1 bed for fixed £72.5K and another 2 bed fixed £78K. I take it - it's just hard lines for the other 2 then?
There are also 2 other flats in close a 1 bed for fixed £72.5K and another 2 bed fixed £78K. I take it - it's just hard lines for the other 2 then?
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Comments
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Reposessions tend to be priced for quick sale.
Plus it may have been left in poor condition.
Or, given the others haven't sold, this might be the true market value.0 -
The house must be sold at the highest possible price.
This is why repossessions often are sold by Auction.
This enables lenders to say they got the best possible price.
They also sometimes advertise as below.
"We have received an offer of £68,000. If you wish to offer more please do so within 10 days blah blah blah... "...............................I have put my clock back....... Kcolc ym0 -
oh THATS what that means!!! I wondered why it was only done with certain housesRobert_Sterling wrote: »The house must be sold at the highest possible price.
This is why repossessions often are sold by Auction.
This enables lenders to say they got the best possible price.
They also sometimes advertise as below.
"We have received an offer of £68,000. If you wish to offer more please do so within 10 days blah blah blah... "The will to save every money saving penny we can0 -
They have to put the house in the paper inviting full and final offers.
Lender do and will lose money on property."Banking establishments are more dangerous than standing armies." Thomas Jefferson
"How can I believe in God when just last week I got my tongue caught in the roller of an electric typewriter?" Woody Allen
Debt Apr 2010 £00 -
When I was buying my repossession, we managed to offer some magic figure where the repossession company didn't need to put it in the paper... they still kept it on the market though...Competition Wins July - Sept 2011: Legoland tickets, 5 x boxes of Lego, Moscow State Circus tickets, Grand Design tickets, kids sports kit0
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Hi scouse irish, i am in the middle of buying a repo and it seems never ending, how long did urs take to go through0
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