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Putting in an offer on a repossession (help needed)
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Don't sign a mortgage with them if it's not the best deal, offer lower than the asking price if you don't think it's worth it. Probably wasn't overpriced, repo companies get 2 surveyors and an estate agent valuation as a general rule so they tend to be spot on. They reduce quickly if the interest isn't there as they want a quick sale. Have you looked at what else has sold in the area? Have a look and do your homework, then base your offer on that. Point out to them that they have to submit your offer! I would sit and wait while they do it. However, now it has been reduced if it's anything like the ones we deal with, it may need to be advertised at the reduced price before they will accept an offer.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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i don't really know how to value a house. the highest price payed on the street is £117,500 jun 2006, although there is only record of 11 sales. the repo does need cosmetic work so i was not too confident that i was not getting ripped off.0
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http://forums.moneysavingexpert.com/showthread.html?t=1907059
Not sure if this thread would be of help to you?A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Would you like to post a link? Then we can help you on what to offer.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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I don't want to bring the house to anyone's attention incase i get done on a bid by a MSE! Anyway, according to the nationwide calculator (I know it's general) the house sold in 2006 is now worth £109,000. this house i am looking at is not in great condition.0
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PM me a link then I'll have a look on rightmove plus for you.Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
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thanks. pm link has been sent0
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sorry, just one last thing i rang up the EA and said i want to lower my offer, the agent said that they were in a meeting and will ring on tuesday. If they have put my offer of £104,000 in earlier today can I lower/withdraw my offer now? or am i legally tied into this offer?0
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No, you can withdraw your previous offer and make a new one, offer 95k as suggested before
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cheers. i still cannot understand why the price was reduced to £100,000 when the EA had an offer of £104,000 ready to submit.0
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