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Advise on repo price
3dsmills
Posts: 200 Forumite
We went to view a house last night that is on the market for £175k, it was a good size but needs a lot of work. It does have good potential though so we're interested.
The EA told us it is a reposession and they definitely won't take offers lower than £165-170k
I've since found out the property was bought for £55k in Nov 2002.
Have prices really tripled in 5 years?
We've been looking at poperty in this area for about 5 months and I think we have a pretty good idea of what you get for your money and this seems too much.
Any suggestions how to go about asking the vendor to review their asking price?
Or should I just move on?
The EA told us it is a reposession and they definitely won't take offers lower than £165-170k
I've since found out the property was bought for £55k in Nov 2002.
Have prices really tripled in 5 years?
We've been looking at poperty in this area for about 5 months and I think we have a pretty good idea of what you get for your money and this seems too much.
Any suggestions how to go about asking the vendor to review their asking price?
Or should I just move on?
0
Comments
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Offer what you think it is worth. The estate agent will be advising the lender, their tune may change with a firm offer on the table.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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As silvercar has said, stick to your gut feeling - if you think it's too much, then offer less. The worst they can say is "no".
It's the EA's job to get as high a price for the property as possible so they'd hardly say "offer us 50k less", wouldn't they
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