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shuggyboy24

Advice Required Thanks!

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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

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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

don't know if this is much help but.....

we saw a repossession up in abdnland.... was on at O/O 135k - (the home buyers report was a work of fiction though - the neighbour confirmed this, as did the viewing....!!!) long story short ended up going to auction with a guide price of £95k - and sold for 94k - we would've gone for this (at 135k!) but in the end we decided against it due to concerns about the farm at the end of the road.... didn't seem that friendly tbh and lets face it no-one wants to have a pished off farmer as a neighbour (our concerns about the farm even put us off going for it at 40k less!!)

house link

here's hoping you have better luck :)

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Have you checked out sold prices in the same street on ourproperty or nethouseprices? Those sites would be one of my first ports of call when trying to gauge the "value" of a house. If its on at OO £129k and the most recent sale of a similar house was for £120k then you know right away the agent is having a laugh.

But before doing anything I'd send an e-mail to the agent asking for the Home Report. See what the valuation in that is, take 25% off it and compare it to recently sold prices. Think to yourself, "is this realistic"? Then think to yourself "can i afford the repayments, even if Interest Rates rise" and also consider if further falls in prices are likely.

Whether or not any offer is successful will of course be down to other interest in the property. Watch out for agents advising you to offer a bit more to "secure" it before one of the many other potential buyers swoop in. Have you got propertybee? Obviously the agent is far more likely to listen to low offers if its sat on RM for months and months.

Edited by Jie Bie

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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

Hi Hugh,

Check out the Land Registry, here's the link,

http://www.uklrs.co.uk/land-registry/scotland.asp

These are the main documents of title, and contain a description of the property, its tenure, the name and address of the owners, purchase price, details of mortgages and other charges, covenants etc and a large scale title plan. (Cost approx £30.)

I wouldn't inform the estate agent of the size of your deposit. If the bank were to auction this property it would go to auction at 30 per cent less than the market value130,000.

Before submitting an offer also check out what previous size houses in same postcode have sold for in the previous 3 months.

Be bold and do offer below the market value , don't discuss too much with the agent, if they know you can go higher then you'll end up paying higher.

Any more questions please feel free to ask,

x

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Update:

went to see house yesterday. Nice house. Definetly a repo. Home report values at 130k. Last sold in 2007 for 167k. Might offer between 100 and 110k, reasonable?

Edited by shuggyboy24

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Hi folks

Bit of an update, went in a bit cheeky with £90k verbal offer, this was rejected by the repossessing bank, keeping an eye on property. Estate agent adamant there were 'lots of interest' however they have dropped price from overs over £129k to offers over £119k this week , home report values at 130k, going to try and ride out towards 100k mark, wonder if it will stick around!?

shuggy

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Hi folks

Bit of an update, went in a bit cheeky with £90k verbal offer, this was rejected by the repossessing bank, keeping an eye on property. Estate agent adamant there were 'lots of interest' however they have dropped price from overs over £129k to offers over £119k this week , home report values at 130k, going to try and ride out towards 100k mark, wonder if it will stick around!?

shuggy

Well good luck and just keep at it. Why not ? Nothing to lose.

I would perhaps make a regular call to the repossessing bank to let them know the 90k offer still stands ? You never know one day they may well just give in.

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Well good luck and just keep at it. Why not ? Nothing to lose.

I would perhaps make a regular call to the repossessing bank to let them know the 90k offer still stands ? You never know one day they may well just give in.

In fact, if you are feeling brave then why not call up and offer £88k? If they really have had no other offers (quite likely when you consider that they are reducing the price) then perhaps it will give them something to think about.

They might even make you an offer, which would be the start of negotiations. Good luck in driving a hard bargain, as sales like this can only send prices in Glasgow further down.

By the way, how did you get a mortgage provider to allow you to borrow to buy a repo? I was under the impression most repos were cash only sales.

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By the way, how did you get a mortgage provider to allow you to borrow to buy a repo? I was under the impression most repos were cash only sales.

Just resurrecting this thread to ask about this bit of information. Is this true? Can anyone confirm or disconfirm? It seems remarkable that a repossession would have to be a cash sale.

thanks,

EC

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Just resurrecting this thread to ask about this bit of information. Is this true? Can anyone confirm or disconfirm? It seems remarkable that a repossession would have to be a cash sale.

thanks,

EC

The reason why I thought this is that I was under the impression most repos go to auction, and most properties sold in auctions were bought by cash buyers.

I could be totally wrong though, and would be very interested in information regarding FTB'rs buying a repo as their first property.

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  • 138 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%



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