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First time buyer trying to put an offer in..HELP!
laurauk84
Posts: 4 Newbie
Hi there,
Myself and my partner are first time buyers, we have viewed a 2 bedroom semi detached in scotland...LOVE IT!!
The house was repossessed, has been sitting empty for 1 year and needs a lot of work done to it, which reflects on the price of the house...but we are willing to get our hands dirty and get the work done. our problem is that on Rghtmove it states offers over £71,000 and as i was passing the estate agents the other day we seen it was offers over £75,000. i brought this up today with the estate agent today who didnt seem too bothered about it. are they just doing that to get people in the door?? I have put in 3 offers which was rejected...they take about 2 days to get back to you which is fustrating. we really want the house. on the home report the house value is £80,000. does anyone have any advice for me on how to get this house....we love it so much dont want to let it go, as far as we are aware there is no other bids but unsure if they are allowed to disclose that.
Thanks
Laura;);)
Myself and my partner are first time buyers, we have viewed a 2 bedroom semi detached in scotland...LOVE IT!!
The house was repossessed, has been sitting empty for 1 year and needs a lot of work done to it, which reflects on the price of the house...but we are willing to get our hands dirty and get the work done. our problem is that on Rghtmove it states offers over £71,000 and as i was passing the estate agents the other day we seen it was offers over £75,000. i brought this up today with the estate agent today who didnt seem too bothered about it. are they just doing that to get people in the door?? I have put in 3 offers which was rejected...they take about 2 days to get back to you which is fustrating. we really want the house. on the home report the house value is £80,000. does anyone have any advice for me on how to get this house....we love it so much dont want to let it go, as far as we are aware there is no other bids but unsure if they are allowed to disclose that.
Thanks
Laura;);)
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Comments
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Hi Laura,
Firstly it is a sales tactic to get you interested.
Buying a repo is like a rollercoaster, but one on which your pennies fall out your pocket as you are going round.
Typically, it will end in heartbreak.
The process is not robust, you/we are heavily reliant upon the integrity of the Estate Agents (I know!!)
All you can do, is put your maximum bid in and leave it there. Be mindful, that you are gambling potentially a valuation fee and solicitor searches and some fees...
Just noted it is in Scotland, not sure if the repo process differs hugely up there but hopefully someone can clarify as I have never done a mortgage for a repo in Scotland before...
You may also be able to use homebuyer report, so may be a slightly lower gamble..
Good luck...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How much deposit do you have?
What work is required? Is the lender likely to hold a retention?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
great news...we got the house!!!
We have a 10% deposit. there are some damp due to the back door being knocked in. i spoke to my my broker and he thinks money shouldnt be held back, he doesnt think its that bad, plus it is a small mortgage only £68.4000 -
What did it cost you (approximately)?Free the dunston one next time too.0
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And have you exhcanged then?
On a repo that is when you get the house...
Best of luck though...I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Have you had a mortgage offer?
There may be a few hurdles yet.0 -
Nice to hear a good ending...
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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