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how much to bid for repo?
Comments
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ANNEGEDDES wrote: »sorry dont know the other offer its blind offers
Personally I would walk away from this one - get your finance in place first - you might be better off at auction.
Too many variables with blind bids/offers.0 -
I am in a similar position but we have finance in place. it is on market for 'offers around' 87500 a property 2 doors away sold for 88k in july 2008. This is Scotland. The property apparently 'needs renovation' but we are viewing tomorrow. I am thinking of bidding between 70 and 80 depending on the extent of the renovation required.MF aim 10th December 2020 :j:eek:MFW 2012 no86 OP 0/2000
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I thought Scotland was offers over or fixed price?Pawpurrs x
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ANNEGEDDES wrote: »Right been researching lots on internet and talking to peolpe in area that privately rent and think we are gonna make an offer and just see what happens.
The market value to sell is £90-100
Letting potential £450-475 pcm
This is not really a BTL proposition, IMHO. At that rental, and assuming you get pushed up to the full asking price, the gross yield is under 8%. By the time you have paid all your expenses and allowed for voids, you are looking at 6%. For that, you have all the hassle (and it's a lot of hassle) of being a landlord.
By the way, can I ask how many bedrooms it has, as that affects it as a letting proposition?
OTOH, if you are right about the value then buy it, and put it back on the market to sell it for more. You can always rent it out in the meantime.No reliance should be placed on the above! Absolutely none, do you hear?0 -
This is not really a BTL proposition, IMHO. At that rental, and assuming you get pushed up to the full asking price, the gross yield is under 8%. By the time you have paid all your expenses and allowed for voids, you are looking at 6%. For that, you have all the hassle (and it's a lot of hassle) of being a landlord.
By the way, can I ask how many bedrooms it has, as that affects it as a letting proposition?
OTOH, if you are right about the value then buy it, and put it back on the market to sell it for more. You can always rent it out in the meantime.
Thanks for this, good points
The grand plan would be to sell it but rent it in meantime (not sure how long)
Houseon same stbut 3 bed not 2 went for 95000
and 2 bed 80000
rent from research in area for 2 bed property is 395-495 pcm
sounds like people are tellingme to stay away, im thinking see if morage is ok put in an offer around 60 and just see what happens?
thanks all for adviceNot setting myself any comp targets this year, didnt seem to work last year!!! £120.98/£2008
2009/ maybyliene eyeshadow, rimmel polish, loreal foundation, Glamour: hairbrush
boots card =2625
quidoco= 110.00
Thanks to all that take the time to post0 -
IMHO buying with the idea of renting for a while and then selling when property prices rise is fine as long as you are confident of letting and getting something out of that cos the property prices could stay low for a while.
With this type of thing I like to be a bit cheeky. Offer a price that is lower than asking and set a maximum that you will go to, maybe say asking price. Then if you get it great if not then who cares look for the next bargain. Thats the way I like to look at repos and auctions etc.
That way you are maximising the potential. If for example things arent going great it could mean just sell it and get your money back, but if you bid too high it removes that safety net.Here to help and be helped!0 -
IMHO buying with the idea of renting for a while and then selling when property prices rise is fine as long as you are confident of letting and getting something out of that cos the property prices could stay low for a while.
With this type of thing I like to be a bit cheeky. Offer a price that is lower than asking and set a maximum that you will go to, maybe say asking price. Then if you get it great if not then who cares look for the next bargain. Thats the way I like to look at repos and auctions etc.
That way you are maximising the potential. If for example things arent going great it could mean just sell it and get your money back, but if you bid too high it removes that safety net.
loving the thinking! thanks Not setting myself any comp targets this year, didnt seem to work last year!!! £120.98/£2008
2009/ maybyliene eyeshadow, rimmel polish, loreal foundation, Glamour: hairbrush
boots card =2625
quidoco= 110.00
Thanks to all that take the time to post0 -
ANNEGEDDES wrote: »should also say we would be putting down 25% deposit, have spoken to morg advisor but dont have one approved although he has given us a few options.
House up for 69,950 is that a guide price? or offers over??
Out of interest what rates of interest are you being quoted by the mortgage advisor?0 -
oh cant think off the top of my head 4.?Not setting myself any comp targets this year, didnt seem to work last year!!! £120.98/£2008
2009/ maybyliene eyeshadow, rimmel polish, loreal foundation, Glamour: hairbrush
boots card =2625
quidoco= 110.00
Thanks to all that take the time to post0
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