putting an offer in for a repossessed property!

cjillsley

Hi, I've got a dilemma! a prepossession is up for £168,950.00 for a 4 bed with 2 en-suites, etc. down side small garden no garage( carport) and little parking, (reasonably new build). Estate agent suggests possibly trying to offer our max budget £150k they may go for it as its been on the market and the prices apparently been reducing quite quickly. Question: how realistic is this offer, would most certainly put up with small garden and adapt brick carport by putting a door on t. Would be grateful some advise. I feel this is a bargain but is it realistic? Thanks for reading! Chris

hazybubbles

As with any other property you can always offer and the seller can always say no, so if you actually want the property put your offer in. As its a repossession it will really depend on how much debt has to be paid off. If your offer falls a long way short of what is owed to the bank then they obviously won't accept it.
Just be aware that if the offer is accepted then it won't be taken off the market until exchange of contracts and you could be gazumped as the repossesion company is obligued to get the best offer possible.