Repossession on market for £179,950

ryandj · 18 March 2008 at 8:12PM

mr.broderick wrote: »

Apology accepted.

LOL its just a turn of phrase, I was saying 'Sorry' for not seeing the relevance of trench warfare to this post.

If that apology make you happy! :money::money:

kevinyork · 18 March 2008 at 8:13PM

glen8 wrote: »

This is the repo
http://www.rightmove.co.uk/viewdetails-20004923.rsp?pa_n=1&tr_t=buy

However, as some already know we are actually looking at a new build. The sales rep is coming over Saturday. If they can't do the deal we want then we will be gunning for the repo

My mum works at Ringrose Law so knows the staff at Pygotts very well. She has the keys for the repo now so we'll have a good look at it this week.

As it happens Ive had an offer accepted on a Reposession in Lincoln! It was on at £375000 and I offered £330,000. It took them a week to agree but they did. My position is much more advanced though with my house being bought by a First Time buyer with finances in place.

However, whether you are buying new or going to offer on the Repo I would recommend trying to sell yours first. You will almost certainly not have your offer on the Repo accepted as it stands. They usually impose short exchange deadlines. Also be aware that even if they accept your offer they are (almost always) obliged to put an advert in a Local paper saying what offer they have accepted to give others a chance to come forward and gazump you!. This is their obligations as they are required to ensure they get the best price they can.

As for the new build.....I looked at lots in Lincoln and thought they were all very overpriced when compared to older housing stock.. Also there were so many developments that when you come to sell in a few years you would be competing with lots of other similar houses. Whilst the new build sales office will be desperate for a sale in a depressed market they will never 'give' a new home away and you will always pay more than a comparable second hand home. As a final point, I know some new house builders (Persimmon are one) have shut down some of their developments part finiished because the market is so dead. This would be awful for anyone on a part finished development as they will live on a building site for many years to come until the market picks up again with unfinished roads etc.

glen8 · 18 March 2008 at 8:22PM

funny you should say persimmon as that was the house we had ours hearts set on.

We were looking for a part-ex deal which is why ours isnt on the market yet. I have done my sums and worked out what our limit is and WONT go over it. We have loads of equity in ours, bought for 45k so unless the market takes a mega nose dive we won't be in negative equity.

We are planning on living in this house for many MANY years anyway and will go for a 10yr fixed rate at least.

Luckily for us my partner has a small savings isa which will pay for the mortgage fees as I hear low interest rates carry 1k+ fees :eek:

If they say no (sales rep is coming this saturday) then ours house will go straight on the market next week. Probably with Pygott and Crone.

I know builders won't give new houses away, but everytime we've been on the development its been dead. Surely a sales a sale rather than an empty house (probably wishful thinking)

anyway, like I said....if we can't get the deal we won't buy.

kevinyork · 18 March 2008 at 8:39PM

Well Persimmon have already closed half of their developments nationwide. Whether there are more to come isnt known but do bear in mind how far on the development is and what it would be like if they suddenly stopped building for a year or two.

My current home is a Persimmon built house and its been fine. I looked at Part Exchanging this for another new home and got a couple of deals which seemed very good but once I looked around at secondhand homes at the same price I realised I could afford to sell mine for less than the part exchange offer and buy a much better value & bigger home and be in a good position to make a low offer.

Its easy to be seduced by a new house but they are rarely value for money.

glen8 · 18 March 2008 at 8:47PM

Thanks for your replies Kevin, they are most helpful.

I did like the lure of a quick and easy sale and get a brand new house just how we wanted it. I haven't got tunnel vision though, which is why we listed all our outgoings and made a maximum limit we are happy with.

The site doesn't look anywhere near finished, in fact it looks like it's about 30%. I do like the fact it will be quiet at night though. We live next door to a single parent who is unable to control her two young children. I feel so sorry for her as some of the things the children say are awful. They start banging and swearing most nights between 10pm and 1am. How they get up for school each morning is beyond me.

My demands are high....probably too high if I'm honest and expecting them to say no. If they say yes we'll be very surprised. If they say no, we won't be upset and will put ours in the market in the hope the repo will be available when we sell.

kevinyork · 18 March 2008 at 9:12PM

glen8 wrote: »

Thanks for your replies Kevin, they are most helpful.

I did like the lure of a quick and easy sale and get a brand new house just how we wanted it. I haven't got tunnel vision though, which is why we listed all our outgoings and made a maximum limit we are happy with.

The site doesn't look anywhere near finished, in fact it looks like it's about 30%. I do like the fact it will be quiet at night though. We live next door to a single parent who is unable to control her two young children. I feel so sorry for her as some of the things the children say are awful. They start banging and swearing most nights between 10pm and 1am. How they get up for school each morning is beyond me.

My demands are high....probably too high if I'm honest and expecting them to say no. If they say yes we'll be very surprised. If they say no, we won't be upset and will put ours in the market in the hope the repo will be available when we sell.

Best of luck. Hope you get a good deal sorted.

Kev.

sassybooboos · 18 March 2008 at 10:10PM

when i bought a repo about 7 yrs ago i did a land registry check on the property which told me how much they had paid then i pu my offer in on that basis, as the building society etc just want to get their money back. i know it depends on current house prices as well cause they have to be seen to be trying to get fair price, but they won;t leave it for sale forever