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Is it ok to buy the bank repossessing house?
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saneidiot
Posts: 9 Forumite
Today, I viewed a repossessing house at asking price 175000. How much can I get off for the property from bank?
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You want to buy the bank? Are you Richard Branson?!!
The house is probably cheaper ...Gone ... or have I?0 -
There are some properties in this areas whose vendor is bank. Is this kind of property good or not? Can I bargain the price with bank.0
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Do you mean that you want to buy a property from the bank?
Is it ok to buy the bank repossessing house?
You need to reread your original post!Gone ... or have I?0 -
It depends who else is interested.
A house is worth what someone is prepared to pay. If there is a lot of interest you may not get a discounted price.
The advantage of buying a repossession is that the bank is interested in selling quickly, the disadvantage is you get no sellers information pack type information as the bank have never lived there.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
so far as i know, no one is interested in this property. Shall i make a offer at 155k?0
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The bank has repossessed the house by the sounds of it.
The price probably reflects a combination of how much the bank are owed and what they think they might be able to get for it today.
Make an offer by all means. But if somebody comes along with a higher offer a bit later the bank won't hesitate to dump you for the higher offer.
The bank are only interested in getting back the money they lent to the people who used to live in it. But they have a duty to get the best price they can too.0 -
Offer whatever you feel it is worth to you. You failed when offering £30,000 less than asking price on another house. £20,000 less is a step in the right direction. If no one is interested, there may be a reason. I'm getting the impression you are more hung up about getting a big discount than actually getting a house. There are indeed bargains out there, but scattering low offers around at random may not be the best tactic to get one.so far as i know, no one is interested in this property. Shall i make a offer at 155k?Been away for a while.0 -
Start by offering 2s6d. If they say that is not enough, just mention my name. It won't help.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Running_Horse wrote: »Offer whatever you feel it is worth to you. You failed when offering £30,000 less than asking price on another house. £20,000 less is a step in the right direction. If no one is interested, there may be a reason. I'm getting the impression you are more hung up about getting a big discount than actually getting a house. There are indeed bargains out there, but scattering low offers around at random may not be the best tactic to get one.
Interesting, viewed a property last week and was shown round by one of the valuers who was mucking in as it was quiet.
Told me a story about a buyer who offered on 17 properties they were marketing all in 1 day. Offered 35k belowing asking price on every one.
Interesting tactics.0 -
Offered 35k belowing asking price on every one.
Makes you wonder why people don't put a house on the market at 50k above value and wait for the mug to come along and think he's got a bargain by knocking you down 35k.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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