Would you buy a repossessed property?

Doozergirl

£147,500 sounds perfect if they're looking for between £147k and £150k.

If they reject again, ask the agent to give you the proper figure they are looking for. Then offer a bit less

Bustle

Well upped my offer again to nearly 149K today.

Made a boob with price as asking price was originally 154k and not 150k.:cool:

Agent called me and said 149k was not hopeful and that someone else had since viewed the property and had put in an offer.

Will see what agent says tomorrow - or I may go increase to 150k as that is midway between my offer and what they want for it.

I have a niggling feeling I have lost it though.

Doozergirl

Oldest game in the book, inventing another offer. Not to say they have done that, but I always take stuff like that with a pinch of salt.

Sometimes it pushes a buyer to where they need to be when the agent knows what the vendor is willing to accept.

How long has it been on the market?

filigree_2

I know the OP said the house is in a good area but I would do a LOT of research to make sure of this. I read an article recently about one estate that has been plagued by problems (link here). Many of the flats were bought up by BTL investors and rented out to HB tenants, and the shared ownership properties are not monitored in any way and can easily be sublet. The management company have failed to maintain the structure properly and now the flats are slums. Some of the BTLs were acquired with fraudulent mortgages and have since been repossessed and stand empty, unless squatters move in. The minority of owner-occupiers can only watch in horror as they slide into negative equity.

In short, if I were interested in a property that is mysteriously losing value I would be very concerned that there is some problem with the area that I am unaware of.

On a less pessimistic note, it could be a novice BTL landlord who has taken on too much and is now desperate to get rid of their bad investment.

Years ago we looked at a repo flat that had been stripped bare, they even took the radiators! The EA suggested that it was p155ed off ex-tenants. There are dodgy landlords who cheerfully collect rent but don't pay the mortgage, and the poor tenants get a rough deal. I can understand the urge to trash the place on the way out.

ukbondraider

Would be interested to have an update on whether the OP succeeding in his offer.

Just want to guage whether the advice provided by other forum members is too often becoming wildly different and more along the lines of BS compared to what is experienced in real life.

vstcroix

Hello all,


Would anyone be able to help me in finding repossessed properties for sale in Surrey, Croydon.
I am a first time buyer and desperately want to get on the property ladder.

Thank you

Bustle

Well the agent rang back.

Vendor wants interested parties (me and a n other) to make their final offers tomorrow morning and he will sell to buyer who offers the highest.

Upped my offer a bit to hopefully what they want - wonder what tomorrow will bring.:rolleyes:

Daisies

I bought my house from a developer, but they bought it as a repossession. I don't see any reason why not to go for a repossession - especially if you've viewed the place and checked the condition. I've heard rumours of people pouring concrete down the loos before moving out if they've been repossessed.

Doozergirl

Good Luck Bustle! :j

Doozergirl

ukbondraider wrote:

Just want to guage whether the advice provided by other forum members is too often becoming wildly different and more along the lines of BS compared to what is experienced in real life.

What on earth are you talking about? Are you planning to censor the entire board?

All house purchases are different of course, but I have always succeeded in knocking down on the asking price, otherwise I walk away. I would never ever recommend that people give up before they start or that they don't at least start with lower offers. A repo, in my experience, and not just what I've heard, is somewhere you can get quite a bit off asking. The main threat of course, is competition.

Who are you to say what is BS and what is not?