Repossessed house

chattycathyuk

Hi

Im looking to buy a house and just found out by the estate agents that the house was repossessed 6 months ago and has been on the market for 5 months.

The house is up for £189.995 reduced from £195.995.

I put an offer in for £165.000 as i wanted to test the water, as you can always up the offer. this was declined!

The house need a bit of work around 5k, i know nothing about repossessed houses or how the bank works to get its money back. doesnt anyone have any ideas on how much you would offer for this sale??? or how to go about it???

Any advise would be great guys and thank you for reading my post!

Cathyx

pink_muppet

I am no expert but the bank will know how much the outstanding mortgage is on the property and will want to get the best price possible for the house, just because it is a reposession, they will not 'give it away' 5 months isn't that long for it to be on the market in the current climate

have there been any other offers on this property?, do you know how many viewings it has had? ask the estate agent as this will give you an idea of how interested other people seem to be in it

If it only needs £5k worth of work, why did you offer £30k less than the original asking price?

If you really want this house then just resubmit a higher offer at what you are prepared to go to and take it from there

Huw

Repossessions generally aren't the cheap buys they were 15 years ago. Lenders have an obligation to the mortgagee to recover as much money as possible, any surplus money after the mortgage & costs have been deducted from the sale, are returned to the mortgagee.

Usually three valuations are obtained by the lender before putting the property on the market, so they know what a realistic figure is.

Most lenders will only accept an offer if you can exchange in 28 days, can you meet this criteria? If you are selling a property, are all the surveys in the chain done, searches back? These are the questions asked before they will consider offers. They will usually put a 7 or 14 day notice on the property, asking for higher offers, so don't think that once an offer is accepted,, thats it.

Only you know what the property is worth, to you. Offer accordingly and good luck.

chattycathyuk

Hi

Thank for all your relpys!! Very helpful.

The reason my husband offer 30k less than the asking price is becasue hes a dreamer! lol. We dont have no chain as we sold up 2 years ago and are renting, and are only paying £260 a month, but think its time to move on now. we have £50k deposit, just looking for a 3 bed house with no chain.

I think this house might be out of are budjet as its still going to cost £1000 a month mortgage.

I dont think they will take any less then £180k for it, as you say they need to recover the money back.

Oh well was nice while the dream lasted. back to bargain basement i think!

Thanks again xxx