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Buying a repo
katehesk
Posts: 246 Forumite
Hi guys,
I know it's not a nice thing I know but myself and my partner have seen a repossession locally and it's on the market for 75k, needing quite a bit of work.
What do people think would be a reasonable first offer to make?
I know it's not a nice thing I know but myself and my partner have seen a repossession locally and it's on the market for 75k, needing quite a bit of work.
What do people think would be a reasonable first offer to make?
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Comments
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60k. But they probably won't take it. But it does not matter, you can just keep upping it till they give in!0
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We're thinking 58 initially, so not far off! And then going up to a max of 68k, which considering what needs doing is the maximum we can go to!0
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yeah 58 and that's your best offer. If someone offers more after the amount is advertised in the paper go to 68... but don't overbid.
Plenty more houses coming for sale
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The bank will have a minimum it can accept though, so it may reject the 58 from the outset before it gets to that stage. If it gets accepted then yay!
We won't overbid, we've actually said 65 is our max, and if they reject that we'll take some time to consider and then possibly go to 68, but maybe not.0 -
The bank does have a minimum but they also have a duty to sell it.0
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how much do you think the house will be worth post work being completed? and how much do you think the work will cost?0
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We won't overbid, we've actually said 65 is our max, and if they reject that we'll take some time to consider and then possibly go to 68, but maybe not.
you have just said this to yourselves not to the bank :eek: prey tell:cool: hard as nails on the internet . wimp in the real world :cool:0 -
We're thinking 58 initially, so not far off! And then going up to a max of 68k, which considering what needs doing is the maximum we can go to!
If you want the "bank" to take you seriously then offer accordingly.
As has been previously said what will the property be worth once renovated. How much will it cost to do the work?
Other people will be weighing up the property in a similar manner.0 -
Hi guys,
I know it's not a nice thing I know but myself and my partner have seen a repossession locally and it's on the market for 75k, needing quite a bit of work.
What do people think would be a reasonable first offer to make?
Don't think because its a repo it will be cheap. In my experience it usually ends in a bidding war.0 -
If you actually have the cash sitting in your bank account then you can be very agressive in your bidding.
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