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Hello

We are viewing a house tomorrow which turns out is a repo after a divorce. The house is being sold through an EA on behalf of the Halifax.

The EA explained that the house has no internal doors and no spindles on the staircase as one of the previous owners who was less than pleased about the repo removed them (we thought that bit quite funny).

The asking price is now down to £375k after initially coming on for £425 in July. The previous owners have extended the property and made various improvements since buying it for a whopping £550k for it!! Madness!!

We think that the current asking price is quite reasonable but god only knows what would have posessed someone to have paid that much for it!

They already have a couple of offers on it but Halifax not too keen (apparently) as one couple is in a very long and complicated chain, and the other couple are yet to sell their own property.

We have £300k for a deposit so, if we like it, we were thinking of making an offer of £350k - do you think the Halifax will 'bite'?

I will keep you posted once we have seen it in the flesh.

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Wait a year and buy it for £250k.

I would of agreed with you but it's not panning out like that is it? People have held on for nearly two years now and decent houses will always have a 'value' on the basis that there is a pont where it is cheaper than renting.

Agree there will be further drops but now you are going to see chasms emerging between the unsellable crappy flats, houses on main roads and good quality stock that will always attract interest albeit at a lower value.

Personally think anything between 15-20% off a decent house from peak is a good deal, so this deal look really good.

However you have already got an extra 10% discount because it is in such a state

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Where does £350k place the price of the house in terms of similar properties sold in that road (or nearby) regarding year?

Up here in the West Mids, in and around Birmingham I am seeing repossessions being advertised by Estate Agents with a 2002 selling price.

In terms of whether you go for it or not I guess it depends how much you like the house and location (and if it was me, the year that a £350k price reflects) - a £50k mortgage sounds ok.

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Where does £350k place the price of the house in terms of similar properties sold in that road (or nearby) regarding year?

Up here in the West Mids, in and around Birmingham I am seeing repossessions being advertised by Estate Agents with a 2002 selling price.

In terms of whether you go for it or not I guess it depends how much you like the house and location (and if it was me, the year that a £350k price reflects) - a £50k mortgage sounds ok.

Tricky this as the house is in a very small 'hamlet' where no 2 properties are the same which makes that analysis near on impossible. Both Zoopla & Mouseprice value the house in excess of £500k (can't understand that, not on paper anyway)

but we will not let that affect our decision as we are afterall looking for a home to live in for a very long time....

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...Both Zoopla & Mouseprice value the house in excess of £500k (can't understand that, not on paper anyway)....

zoopla & mouseprice only provide you with an indicative valuation in a case where house has been sold in the last handful of years, & they simply apply a [national or regional? not sure?] overall property to trend to the price that it sold at then, so £500k sounds about right, based on their very simple methodology, if prices are now about 10% below 2006 levels [you said it sold for £550k in 2006].

it's possible that the 2006 person drastically overpaid. maybe they were in a hurry to buy, or didn't shop around properly. this happens a lot [although pretty extraordinary to push above the £500k stamp duty threshold without a fight].

on the face of it the price does sound right but there's obviously a lot to consider...

Edited by the flying pig

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nice house next to my bank is back for sale

its been sold several times, then up for rent, sold, for sale for about a year now. you know....

it was for sale before my holiday, so mid june, sold on return, so beginning of July.

back for sale today.

another chain broken.

opposite is a large house thats had much the same treatment, was for sale last week....no sign now....this was a house that had a garden full of the latest big cars and pickups till about a year ago.....I draw no conclusions.

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Wait a year and buy it for £250k.

Or wait for six months and it will have sold and completed after a bit of toing and froing and you will be left waiting and praying for as good an opportunity to come along again.

At least that is my story for this year - big regrets right now. Maybe I will end up lucky in spite of my misgivings and the massive market manipulation but pigs might also fly.

regards

J

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offer 300k cash.

That would be a perfect price from our perspective but not sure that Halifax will agree.......

Having said that, it's always possible that once we have seen it we will agree with your suggested offer (wouldn't be the first time).......

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