Repossession on market for £179,950

glen8

Just a very quick question please.

We have seen a house we like, currently empty. It's a repossession we think and is on the market at £179,950 (the same as all the other 4 bed detached houses in the area)

We are thinking about making a cheeky offer of £159,950.

Is this far too low or a chance they would accept?

Thanks!

BenL

They may well accept that offer, looks about 11% discount.

From what I have been reading on this board recently opening offers have been advised to go in about 20% below asking price.

pickles110564

I Dont think so.
What I would do is get someone you know to put in an offer £10k less than you then wait a couple of days before you go in with your offer.
They might just bite your hand off

good luck

glen8

I like your thinking Pickles

theGrinch

best thing is just offer!

Jorgan_2

Glen8, you don't say what your own position is. The repossession company will usually only deal with proceedable buyers, with advanced chains. Some will only consider offers from buyers when the entire chain have there mortgage offers & searches back.

3dsmills

Go for it, a repo near us was on for 175k and sold for 150k last month!

GL :T

glen8

If we can get them down it will enable us to ask a lower price for a quick sell

I was going to put ours on the market for £114,950 which undercuts all the competition.

We would need a mortgage of 100k

silvercar

I doubt the repo company will be interested in you until you can show that you are in a position to proceed ie have an accepted offer for your own place.

wellandpower

glen8 wrote: »

Just a very quick question please.

We have seen a house we like, currently empty. It's a repossession we think and is on the market at £179,950 (the same as all the other 4 bed detached houses in the area)

We are thinking about making a cheeky offer of £159,950.

Is this far too low or a chance they would accept?

Thanks!

Not low enough.
If it doesn't make you blush when you ask, you started too high.
You can always negotiate up after, try 30% and work back up. Do stick you your offer at about 20% below for at least a week so they think your not coming back.

teabelly

Repo company won't be interested until you can prove you have cash to do it. Also even if you make an offer and it is accepted if they get a higher offer from someone else they can drop you right until exchange. They will carry on marketing the property too. If the property has been through auction then it is likely they'll want you to exchange within a few weeks and complete quickly after. It doesn't give you much time to get searches, surveys etc done.

If you haven't even got yours on the market yet they'll not even bother with you.