Corporate clients - offers

tiernsee

Has anyone any experience of how "corporate clients" decide what is an acceptable offer on a property?

I'm looking at a repo which has been on the market for over six months during this time two sales have fallen through and the price has been dropped from 125k to 100k. The property is not suitable for a mortgage as there are concerns over planning and title. The property also has a flat roof and there are signs of damp. Land registry prices show it sold for just over £70k in 2002.

I am a cash buyer (releasing equity to purchase a buy to let) and put an offer in of £77.5k which I thought was quite reasonable given the risks and issues with property. It was declined by return and at the moment I've left it. I can still see potential for this property and know that with a repo they would have to advertise it even if they found my offer acceptable. I just wondered if anyone could share any experiences with repos and how the corporate client assesses offers.

Thanks

BitterAndTwisted

You're borrowing money to buy this wreck even though you are aware that there are concerns about planning and the title rendering it unmortgageable? Are you out of your mind?

tiernsee

Possibly ........ it has been said.

It's all a matter about balancing risks against benefit. It could be a good buy, but at the right price. It's been hinted the client may accept £90k but I think this is a bit much. Two other people have also been "out of their minds" and tried to buy it (one at £115k and the other at £100k) but neither progressed. It isn't a complete wreck, it does have four walls and a flat roof!!

Thanks for the response