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Repossession Buying Tips and Tactics

13

Comments

  • cbr600f
    cbr600f Posts: 90 Forumite
    okay i will do that. But when today or monday?
  • cbr600f
    cbr600f Posts: 90 Forumite
    If i do it today, then that gives the otherside all weekend to think about it and to find more funds.

    If i do it monday the otherside may not give a yes or no.

    If i bid and its accepted it may put them off as they wont know the bid... Hard decision!
  • ILW
    ILW Posts: 18,333 Forumite
    Think you may be overcomplicating things. Bung in your offer and take it from there.
  • cbr600f
    cbr600f Posts: 90 Forumite
    ILW wrote: »
    Think you may be overcomplicating things. Bung in your offer and take it from there.

    Perhaps... I just think reducing the time gives the otherside less advantage.
  • cbr600f
    cbr600f Posts: 90 Forumite
    Ive offered 1k above to see where that gets me.

    The EA said: ' all i do is put the offer in ' - not quite sure where she was going with that...
  • cbr600f
    cbr600f Posts: 90 Forumite
    my goodness ive just realised what ive been doing wrong!

    Okay so this is the best tactic i know of for buying a repossession.

    1. Find house you want - oh its a repo - excellent.
    2. Enquire about the housemake viewings.
    3. Put in an offer way above the asking price and market value ie on for £60,000 market value £70,000 - offer £120,000*
    4. Offer will be accepted
    5. Offer then will go to public notice at the huge £120,000
    6. Anyone looking will now leave this house well alone who wants to pay way over the odds - no interest.
    7. After public notice say youre offer no longer stands and offer £50-60K or what ever its worth to you.
    8. Your 50-60k bid is sealed so no one knows, but there is no interest because everyone sees it on rightmove at £120k
    9. No other offers and your offer is in the ball park of what the lender wants so its accepted.
    10. exchange and complete!

    Now i welcome everyone to find problems with this. First problem:
    My wife hates this idea.

    *You must be able to prove you have the funds for your offer is the only thing.

    I cant believe i didn get my head around this before!!!
  • cbr600f
    cbr600f Posts: 90 Forumite
    No One care to comment?
  • GDB2222
    GDB2222 Posts: 26,845 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    In your example, it will be sufficient to offer £75k. You then run through all the survey, legals, etc, and then gazunder. At that point, they may tell you to get lost. So, you are at some risk of losing all your fees. However, I am sure that you will not be the first to try.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • Strapped
    Strapped Posts: 8,158 Forumite
    If you try this then they will readvertise at your lower offer or tell you to sod off.
    They deem him their worst enemy who tells them the truth. -- Plato
  • GDB2222
    GDB2222 Posts: 26,845 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Strapped wrote: »
    If you try this then they will readvertise at your lower offer or tell you to sod off.

    I'm not convinced they will do either of those, but it's certainly a risk.
    No reliance should be placed on the above! Absolutely none, do you hear?
This discussion has been closed.
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