help wiuth bidding on a house

gavtate1984

i have seen a house for £98500, needs some work doing on it and also has just recently been repossesed by halifax, within last 2 months, not halifax are re selling what offer would u make, i was thinking of £90000, would that be reasonable?

cattie

The mortgagees in possession are legally bound to get the best price possible for the property, so you have to bear that in mind.

In most cases when an offer is accepted on a repo property a notice will appear in the local paper inviting higher offers before exchange of contracts, so there is always a good chance someone else will come along & offer more.

For this reason, if you really want the house you need to bear this in mind & make your offer reasonable as they will not be looking to get into a bidding war, just a pretty speedy sale at as close to market value as possible.

Do your homework & check what prices similar properties have sold for to give you an idea of what is reasonable.

rachnbri

Speaking from personal experience I found repos to be waste of time. I was desperate to buy in an area that was just little out of my price range. I found a repo in a real state, walls partially knocked through, ceilings with holes in, no floor in half of the rooms and a huge hole (25 foot deep) dug in the garden(?). I made an offer at 10 grand below asking price and it was refused - when I tried to negotiate I was told there was no point as they'd already had offers above asking price (which was market value on this street for nice houses) so it would go to sealed bids!!
I was just glad I wasn't quite as desperate as others to live there and put it down to property developers.
Good luck though!