anyone bought a reposession...?

Sarahpuggy

Hello,

We have seen a nice 2 bed flat in a new development (completed in Aug 2004). Ive looked and it sold new for £171,000. Its on now as a reposession for £169.950.

We viewed it tonight and the agent said they are open to offers as they just usually want their money back. We are not sure what to offer to be honest. Its in generally good condition although the baliffs have taken the hob from the oven and the outside shell of the fitted wardrobes (but wouldn't want them anyway), and it needs repairing in terms of flooring as its kinda damaged, but not alot else to do..just general decoration.

Two of the other flats, that admittedly are bigger rooms in the development are on the market for £194.000.

Also, we are FTB but say in 2/3/4 years time we wanted to move on, is it possible to get a mortgage on another place and rent the original flat out? Im thinking well far in advance but just wondered hehe..

What would you offer?

thanks, Sarah.

canny_yorkshireman_2

A ball park figuire of at least 10% off the asking price is a good start to see where you are it can only be rejected but if no one else is interested then you may grab a bargain remember a house is only worth wheat someone is prepared to pay for it.
hth

skylineboy2002

as with anything, cars, etc...

Sarahpuggy

sorry not sure what you mean by cars..etc..?

CB1979_2

as in everything is only worth, what someone is prepared to pay for it.
no real point to their post, but there you go

oh and good luck, I would go in at £156k, as said all they'll do is reject if it ain't good enough.

Sarahpuggy

Ive spoken to my mortgage broker and we are going to try £159,950 and go from there i think...

regularsaver1

Your broker and the lender you go with can let you know about their letting policy (which of course may change within the next few years) for later

Sarahpuggy

Thanks

Also, the ground rent is £200 per annum and the maintenance is £800 per annum and this includes buildings insurance. Broker says thats quite reasonable for the area (Morden in Surrey). The lease has 97 years left so thats ok...

Is there anything else that i need to consider before thinking about buying a flat?

gentlepurr

hi sarahpuggy.

we brought a repo a few yrs ago.went in at 10% lower, it was rejected, & we ended up getting it at around 5% lower. our solicitor later said she had never seen such an amount of secured loans against one property before, so i guess it just depends how much the building soc needs to recover their loan. they also have to prove that they got the best offer possible, and will usually want to advertise along the lines of:

"we have received an offer of xxxxx for 1, smith st, anytown, anyone wishing to submit a higher offer must do so within the next xx (usually 7) days", so you may have to wait a while before you get your answer, be prepared to hold your nerve and sit tight!

good luck!

xx

Sarahpuggy

Oh yikes i hate waiting even a few hours! lol

We would be happy if we got it for £165,000 so i guess we'll see how it goes. eek.

david29dpo

i put an offer of £110.000 for a re-pro flat worth about £130.000 prior to auction. i was rejected so i went to the auction and got it for £105.000!