Tips for buying repossessed house.

tawse57

mostlycheerful wrote: »

Regarding what price to offer to pay have a look at the cheeky offers thread. As I expect you’ve heard, the market is very flat for most property in most parts of the country at the moment and supposedly still dropping lower so any offer you make may be the only offer being made and so if the vendors are desperate they make take any offer. A recent report said that since Jun 09 there’s been 760,000 sales and 1.1 million people who can’t sell at all. So if the one you’re looking at has been on the market for ages with no interest at all then perhaps offer just £40k for your opening gambit and they may just accept it if they’re desperate and it’s that or nothing. Of course they may just say no in which case perhaps then offer £60k. However if they make you a counter offer of £120k or so then you know you’ve got them hooked and they’re interested so with a bit of bluff and counter bluff and batting the tennis ball to and fro and nerves of steel you may be able to get them down to £70k or £80k or so, a considerable saving over the £130k you’re currently considering offering. Yakface got a £39k place for £14.5k in 97 and recently a commercial place offered at £110k for just £30k! Wow, amazing! I knew someone who went around making very low offers which were refused until then someone accepted one and he got a bargain, so it can be done. Yes, it’s a buyers’ market at the moment so get your haggling negotiating hat on and be assertive and you may be able to get it for any price you want and just a fraction of what they’re asking. If not then it’ll have been worth a try and good practice so if not this one then give it a go with some others. Perhaps let us know how you get on as that would be interesting and could be of help to other people as well. Good luck.

Friends 2 months ago paid 215K for a house which was on the market for 250K originally.

Even better, the buyer had paid 223K about 18 months before and was a 'developer' who totally gutted and modernised the house. But by this Summer he was desperate to sell.

They originally put in an offer of 205K and upped it to 215K after a fortnight but said the offer was final and they would withdraw it in 2 weeks.

This was in a very sought after area locally.