But still, £105k for something of that price? Couldn't even get a flat down here for that :|

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Originally posted by RioVerde
They phoned yesterday and said a lady has put a lot higher offer than ours in so we got gazumped! Keep looking!!

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Thats the thing with Repo's can be gazumped right till you give them the money

They phoned yesterday and said a lady has put a lot higher offer than ours in so we got gazumped! Keep looking!!

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Originally posted by RioVerde
Got it for £85,500!

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quote:

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Originally posted by Kathryn W
Repossesions can be an arse ache

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Got it for £85,500!

typical rio with his head in the clouds

Depends how long it's been OTM for.

Repos you can normally get a pretty decent deal on, downside is that you don't really have anybody to ask questions about the prop.

I'd aim for 10% of the asking price if it's new on the market. If there is any blatent defects on the prop then list them in the conditions of the offer and say you are buidgeting to fix this.

Not all of them have a public notice either. Do you know who the lender was? ;)

No harm in throwing in a low offer. Reposessions have to be marketed until you exchange, anyone can gazump you until you exhange.

Also the Estate Agent has to put an ad in the local paper saying that £x amount has been offered on the property, and anyone else who can increase it is welcome to put an offer in.

Little tip, try and get onside with the EA and see if they can put the ad in the paper a few days before you exchange, lessening the chance of you being gazumped!

Can't see them accepting that TBH

More like 90/95k mark IMO.

Problem with reposessions is that the mortgage company or whatever will not accept anything below the amount they are owed, so it's pretty likely that they are expecting the £105..

If they rejected at 80k wanting 105k I cant see them accepting 83k tbh :/

40% decreases are highly unlikely anyway. I would say 10-15% absolute max.

Sounds like if this offer is accepted you will only be paying around 80% of the actual value anyway so it should be ok.

Just hope there isn't a recession :look:

quote:

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Originally posted by RioVerde
Me and my fiancee are first time buyers and offered 80k on a house up for 105,950,it got rejected so we offered 83k so just waiting now!,have heard that propertys could be going down as much as 40 % so am wondering now if we are doing the right thing,the house is a re posessed 2 bed terraced in a nice area,has 2 converted attic rooms with velux windows and a big garden!

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Where abouts is it Rio?

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Originally posted by pow

quote:

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Originally posted by Kathryn W
Repossesions can be an arse ache

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:boggle:

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quote:

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Originally posted by Kathryn W
Repossesions can be an arse ache

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quote:

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Originally posted by Kathryn W
Repossesions can be an arse ache

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Repossesions can be an arse ache

Sounds like a bargain if you get it for that!! :! Nothing like that on offer up here, prices are still booming though ive noticed a few properties are taking longer to sell.

Me and my fiancee are first time buyers and offered 80k on a house up for 105,950,it got rejected so we offered 83k so just waiting now!,have heard that propertys could be going down as much as 40 % so am wondering now if we are doing the right thing,the house is a re posessed 2 bed terraced in a nice area,has 2 converted attic rooms with velux windows and a big garden!