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repossesed property
wannaberich41
Posts: 527 Forumite
Hi
Ive come a cross a repo and when i called the agent on the weekend, they advised that they had only had it on about 6 weeks but it had been on with another agent previously she said about 1 year. The new agent has knocked about 10k off the asking price. Ive looked at prices of other properties around the same area and feel that it is over priced for what and where it is. I can only guess that it is the bank trying to get as much as they can back. How much below the asking price can you offer on a repo? Can you put in a offer before you have sold your own?
The fascias are rotten on the house and garage and looks like 2 doors would need replacing. All the windows are wood and the conservatory ds wood and are looking a bit sorry. The garden looks like a jungle.
Thanks in advance.
Ive come a cross a repo and when i called the agent on the weekend, they advised that they had only had it on about 6 weeks but it had been on with another agent previously she said about 1 year. The new agent has knocked about 10k off the asking price. Ive looked at prices of other properties around the same area and feel that it is over priced for what and where it is. I can only guess that it is the bank trying to get as much as they can back. How much below the asking price can you offer on a repo? Can you put in a offer before you have sold your own?
The fascias are rotten on the house and garage and looks like 2 doors would need replacing. All the windows are wood and the conservatory ds wood and are looking a bit sorry. The garden looks like a jungle.
Thanks in advance.
Things will get better day by day.
0
Comments
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You can offer whatever you want, but it won't be entertained if you aren't in a position to proceed. On repos you are usually given a deadline for exchanging contracts (typically 28 days from acceptance of your offer) and if you still have to sell your place, you won't be anywhere near able to achieve that.0
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Do you really want to buy the house no one else will touch with a barge pole?Been away for a while.0
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If you wait it will probably drop further Our repro house we brought was 25% reduced from the orginal price when we put in an offer in. Looking at the price history it drop a few £k every few weeks. To be honest they were too easy to neogiate with as they said it had already come down enough but we managed to knock a few more thousand off them. Other repro houses we were interested in have been reduced also. But you just need to be careful not to wait too long that it gets so low that too many people get interested and it ends up in a bidding war.
Agreeing with the above the seller of our repro was only willing to sell to cash buyers or FTB with a mortgage agreeded in prinicple.0 -
Repo we were interested in was up for £515k, went to public notice at £631k and is now going to sealed bids agian due to higher offers! Is madness!0
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Repo we were interested in was up for £515k, went to public notice at £631k and is now going to sealed bids agian due to higher offers! Is madness!
Run down house near us was for £60k. Then £55k. Then £50k. Then £45k then went to £40k after three months of price drops. Someone put in an offer of the asking price and it was advertised in the paper. Now a bidding war has broken out and the latest offer is £55k?!0
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