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Do I buy a Repossesion??

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There's a flat I like which is going at quite a cheap rate as it's a repossesion. It was initially advertised at £115k and now an offer has been accepted by a third party at £125k. I want to put an offer in on this flat.

What is the general thinking around buying a reposession? What offer do you think I should put in? What are the advantages vs disadvantages of buying a repossesion? Any advice would be great, thanks.

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
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    You'd be better off asking on the mortgages board.

    But you put the offer in that you think reflects it's worth to you. Other than that, it's business as usual.
  • zac.mar
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    its ok buying a repossession property just check with your mortgage advisor's to check if everything is ok
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