First time buyer advice

Firsttimebuyer92_2

The situation: We are a young professional couple looking to purchase our first home, through a local estate agent we have found a property we really like, it is in the same area I grew up in, the property requires modernisation, new kitchen and bathroom, decoration etc. The property has been on the market since October. As the property is currently empty, we have checked land registry and the property is kind of "repossessed", it is in the ownership of a pension and closed life fund company, not entirely sure how that would come about?

Two weeks ago the property got reduced to 135000 so we decided to put a low opening offer in of £110k. They rejected this and asked for a new offer, we upped this to 118, they said they are looking for somewhat higher than that closer to the asking price. So we upped again to £125k, again they rejected and stated as there is other interest and further viewings booked in they wanted our highest and final offer. We upped this to £127,500, stating due to the work needed on the property this is our final and highest offer.
Today they rejected this offer again, the estate agent stated that it is rejected as the property has only been reduced for two weeks and there are more viewings ahead and the client feels that someone will offer higher for the property.

We are really interested in this property and are unsure where to go from here, we could wait a while and increase our offer to 130 but due to the amount of work required we don't feel the property is worth more than this.
(Market value of the same property modernised approx £150k)


We are also unsure whether we are been played by the client and estate agent as they know how interested we are in the property.

Any advice would be wonderful!

pyueck

My advice with any property is as hard as it is try to not get too attached before you have moved in. Decide, taking into account what similar properties have sold (not just on the market) for, what is the maximum you are prepared to pay, bid and then if you don't get it don't be afraid to walk away. Don't feel pressured to pay more than you think it's worth. There will be more properties.

squirrelchops

I would establish firstly if the property is a repossession. The estate agent should have been clear with you if it were as there are differences between buy a repossession and a normal house for sale.

Most notably the need to have all your finances in order so you can exchange and complete quickly and getting your head round that you can lose out if someone puts in a higher bid right up until the time exchange of contracts happen - none of this 'sold subject to contract' malarky