Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • LR2014
    • By LR2014 18th Mar 17, 9:42 PM
    • 3Posts
    • 0Thanks
    Corporate property
    • #1
    • 18th Mar 17, 9:42 PM
    Corporate property 18th Mar 17 at 9:42 PM

    Does anyone have any experience of buying a corporate or repossessed property. We have been told all about the 28 day exchange timeline, and that we could be gazumped at any time. Which is scary.

    Also is it best to go in at asking price to avoid this or can we still try for less running the risk of someone coming along and offering more? The house is worth more than the asking price for sure but don't want to go in with too high an offer and not grab a potential bargain!

    Any help would be great

Page 1
    • Mr.Generous
    • By Mr.Generous 18th Mar 17, 10:21 PM
    • 1,764 Posts
    • 2,655 Thanks
    • #2
    • 18th Mar 17, 10:21 PM
    • #2
    • 18th Mar 17, 10:21 PM
    You have to remember with a corporate sale the lender (lets call them a bank) is obliged to get the best deal for the previous owner & the bank. After they accept an offer they usually publicize it saying something like "An offer of 155k has been made on property xyz, offers above this will be considered until Date 01/23/45" or something along those lines. It doesn't mean they would automatically accept a higher offer, they would consider it. If they felt it would delay the sale or the buyer might pull out or mess them about they don't have to take the higher offer.

    In my (limited) experience repossessions sell over the asking price. They pitch it low to generate interest. As a property developer I have been outbid twice and successful once with Repo's. We got outbid by a builder once, and a young couple bankrolled by mum & dad once. The 1 we won went to 'best and final offers' in sealed bids. The agent told us we were outbid but the higher bidder was waiting on a mortgage and had done this previously and then messed them about. We were buying cash and don't have a survey - the price we agree we go ahead quickly.

    The Repo's we have looked at all required a load of work, but have the best opportunity for adding value quickly with a refurbishment.

    You need to get the agent backing your bid so make sure they know you are seriously interested at the right price.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,634Posts Today

7,452Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line?

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin