Repossession offer. How low can you go?

Beachview_2

How much below the asking price is acceptable to offer on a repossession? The house does need work, such as a new pitch, spouting, the fireplace has been removed, needs new windows as current ones are full of rot, same for front and back doors.

Is there a certain level or percentage the asset management companies set before they will accept an offer?

kiddy_guy

It's a repo and therefore the bank is trying to offset the debt of an individual who potentially may be liable for any balance, depending on the situation.

They attempt to get the best price possible, and they will advertise the price of the property stating an offer has been rec'd of X and any interested party will need to submit a better offer. Usually they do this for a week, then effectively allow you to do the necessaries. You can start proceeding beforehand, but you're in an auction which can move at any time, and upto the date of exchange they're still open to a higher offer.

There's no minimum/maximum a property can go for, but if you're seeing a load of work that needs to be done, so would a developer, and an owner who fancies doing some work.

I've bought a repo, and it's miles more stressful than buying a normal property. I got gazumped ( or so the EA tells me - his lips moved so I wasn't sure ! :rotfl:) 2 hours before exchange, then raised my offer and very quickly exchanged.

G_M

there are no rules with repos.

Beachview_2

Thanks all That's good to know. I like the house but haven't fallen in love with it. Like I did for another house which I was outbid on

I can cope with the amount of work this other one needs.