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Do I buy a Repossesion??

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.


  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    First Anniversary Photogenic Name Dropper First Post
    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
    its ok buying a repossession property just check with your mortgage advisor's to check if everything is ok
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