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This is most likely a reposession sale where they are required to do that.

Sounds like it. The Mortgagee who has taken it into possession has a duty to obtain the best price reasonably obtainable on the day of sale. Although an ad like the one above isn't stricly a requirement when a property is sold by the mortgagee lots of them do it as it provides greater evidence that they have discharged their duty satisfactorally.

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Yep most likely a repo seen a lot around my way advertised like that ,and after siting on the market for several months with a offer of £x they all of a sudden have a new offer of £x `s which is always a fair bit lower than the original offer ,which is what the bank has to try to achieve and is almost certainly not a genuine offer

Also another trick they use is to advertise them at one price then within a week or so they then change the add to we are in receipt of a offer of £x which is normally a few grand above the original price ,and you are invited to offer above that ,but in most cases the above happens after a few months and if it`s a reasonable price it then sell`s BTW this is the bottom end of the market the middle to top is still in la la land

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Yep most likely a repo seen a lot around my way advertised like that ,and after siting on the market for several months with a offer of £x they all of a sudden have a new offer of £x `s which is always a fair bit lower than the original offer ,which is what the bank has to try to achieve and is almost certainly not a genuine offer

It might be. It's a forced sale so lots of people will think it a good idea to put a low offer in on the off-chance that the original one will fall through so they're ready to step in to the breech and get it on the cheap. I would - and have.

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Must be a prime area to warrant all that steel on the windows and doors. :blink:

I think that's pretty standard these days, especially for a repo.

Although that place is on the main road and a total dump, I'd suggest they bite the hand off the person offering £230,000 because that's twice what its really worth.

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  • 284 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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