Jump to content
House Price Crash Forum
Sign in to follow this  
shuggyboy24

Advice Required

Recommended Posts

Hi Folks,

Was yesterday looking at rightmove and saw a nice property it is located in ayrshire scotland, it looks like a repossession, however is not yet at auction stage, appears local estate agent (goodfellow) are being used by the bank to get a sale, the property is for sale at offers over £129,00, obviously i would like to offer less, any advice?, currently have deposit of £30k myself and wife in decent 'safe' jobs, how much could i offer under if any? was thinking of asking to view this week, would the estate agent be honest on how much bank would ask for, and b- in scotland can you verbally pass on an offer to the estate agent to the bank?

thanks

Hugh

Edited by shuggyboy24

Share this post


Link to post
Share on other sites

Hi Folks,

Was yesterday looking at rightmove and saw a nice property it is located in ayrshire scotland, it looks like a repossession, however is not yet at auction stage, appears local estate agent (goodfellow) are being used by the bank to get a sale, the property is for sale at offers over £129,00, obviously i would like to offer less, any advice?, currently have deposit of £30k myself and wife in decent 'safe' jobs, how much could i offer under if any? was thinking of asking to view this week, would the estate agent be honest on how much bank would ask for, and b- in scotland can you verbally pass on an offer to the estate agent to the bank?

Don't really understand the questions.

a) What does "would the estate agent be honest on how much bank would ask for" mean? Do you mean will they tell you what the bank really expect to get? If so I doubt it, they probably don't even know.

b ) "in scotland can you verbally pass on an offer to the estate agent to the bank?" How else are you thinking that it might work?

BTW when offering on a repo, if you do offer under the asking I can assue you there is no way it will be accepted until the property has been on sale for months. There is no guarentee that an offer over asking will be accepted immediately.

tim

Share this post


Link to post
Share on other sites

The best advice I can give you on buying a repossession is go in with a cold heart. Put in an offer and then back off completely. Even if they don't accept it. You will be surprised when they get back to you later. My property was advertised for 135k and I only paid 110k. They rejected my offer to begin with but came back to me and accepted. Banks encourage the estate agent to play hard ball with you. Repossessions are not for everyone, sometimes a property can have no interest at all, then soon as your offer is accepted a load of other offers come in, mostly because people have been waiting for it to drop more.

If your in a good position with your mortgage already approved, this will increase your chances greatly, our estate agent didn't accept any counter offers off people because they did not have mortgages secured, and by the time they did we had completed. Fast movers save a lot of money when it comes to repos.

Good luck.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.