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Buying a repo...advice?
WoldView83
Posts: 13 Forumite
Evening,
Like many others, I've been a long time lurker...but only now taking action as something's happening in the real world! Any advice/thoughts much appreciated. :-)
Am hoping to offer on a repo - but would appreciate some advice on the offering process...and EAs...
Its been on at £105,500 for almost 3-4 weeks- would have gone in at 85k as a chancer and worked up from there...
(House details - 2 bed end of terrace, 2 recep rooms + study, upstairs bathroom, garden and parking at back, but needs about 7k of work done at least...)
Had 3 viewings with 3rd viewing with a builder for estimate on Saturday...
Price only reduced since Thursday to £99, 950.
Was told by estate agent that another offer had already been made and rejected, at 90k (ie 85% of asking price at £105,500). This guy also needs a mortgage but is buying two houses and is in a chain. His offer has not yet been renewed...but they think it may be.
My question is:
a) should I match the previous offer of 90k? (this is now 90% of asking price)
b) can I make a lower offer of say 88K?
c) does this other buyer actually exist and is there any way of checking?
I have a deposit of 25k, an AIP and I know which mortgage I would go forward with, quotes for 2 conveyancers...
As I said, total novice, so any thoughts appreciated! Sorry for such a long post...
NB - before anyone says wait for something better, this is the best I've seen in 6 months of serious looking, and 3 months of "browsing..."...So yes I can wait but if I do that I'll be putting my life on hold for another 2 years probably - and I'm not sure its worth it...
Cheers.
Like many others, I've been a long time lurker...but only now taking action as something's happening in the real world! Any advice/thoughts much appreciated. :-)
Am hoping to offer on a repo - but would appreciate some advice on the offering process...and EAs...
Its been on at £105,500 for almost 3-4 weeks- would have gone in at 85k as a chancer and worked up from there...
(House details - 2 bed end of terrace, 2 recep rooms + study, upstairs bathroom, garden and parking at back, but needs about 7k of work done at least...)
Had 3 viewings with 3rd viewing with a builder for estimate on Saturday...
Price only reduced since Thursday to £99, 950.
Was told by estate agent that another offer had already been made and rejected, at 90k (ie 85% of asking price at £105,500). This guy also needs a mortgage but is buying two houses and is in a chain. His offer has not yet been renewed...but they think it may be.
My question is:
a) should I match the previous offer of 90k? (this is now 90% of asking price)
b) can I make a lower offer of say 88K?
c) does this other buyer actually exist and is there any way of checking?
I have a deposit of 25k, an AIP and I know which mortgage I would go forward with, quotes for 2 conveyancers...
As I said, total novice, so any thoughts appreciated! Sorry for such a long post...
NB - before anyone says wait for something better, this is the best I've seen in 6 months of serious looking, and 3 months of "browsing..."...So yes I can wait but if I do that I'll be putting my life on hold for another 2 years probably - and I'm not sure its worth it...
Cheers.
0
Comments
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I'd offer 88 if you can proceed quickly.0
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Thanks for your thoughts!0
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If you are someone looking for a place to live, offer 90,500 if you think it is worth it.
If you can see yourself living there in the short term ( ie 5-10) years, there is no problem with negative equity.
What you find with repo's is that people get carried away, and get involved in a bidding war.
Don't get involved with this because you will pay more than the property is 'worth'0
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