RioVerde
Member
Registered: 23rd Apr 06
Location: Spondon, Derby
User status: Offline
|
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!
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
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.
|
Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
|
Repossesions can be an arse ache
|
Colin
Member
Registered: 4th Apr 02
User status: Offline
|
quote:
Originally posted by Kathryn W
Repossesions can be an arse ache
Well yeah generally you loose your house  
|
pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
|
quote:
Originally posted by Kathryn W
Repossesions can be an arse ache
|
Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
|
quote:
Originally posted by pow
quote:
Originally posted by Kathryn W
Repossesions can be an arse ache
Girl in work has just bought one, they had someone bid last minute even though it was sold subject to contract to them. 
|
Cavey
Member
Registered: 11th Nov 02
Location: Derby
User status: Offline
|
Where abouts is it Rio?
|
--DAN--
Member
Registered: 3rd Feb 03
Location: Bottesford. Drives;3 Series
User status: Offline
|
quote:
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!
Would be very very surprised to see 40% decreases tbh, sounds like a good buy to me.
|
James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
|
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 
|
Robbo
Member
Registered: 6th Aug 02
Location: London
User status: Offline
|
If they rejected at 80k wanting 105k I cant see them accepting 83k tbh :/
|
Kathryn W
Member
Registered: 12th Oct 03
Location: Widnes, Cheshire
User status: Offline
|
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..
|
AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
|
Can't see them accepting that TBH
More like 90/95k mark IMO.
|
stubbsy05
Member
Registered: 23rd Oct 02
User status: Offline
|
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!
|
VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline
|
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? 
Corsa 2.0 16v Vegas - Sold
|
Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
|
typical rio with his head in the clouds
|
RioVerde
Member
Registered: 23rd Apr 06
Location: Spondon, Derby
User status: Offline
|
Got it for £85,500!
|
16V_1600
Member
Registered: 7th Oct 07
User status: Offline
|
quote:
Originally posted by Kathryn W
Repossesions can be an arse ache
I bought a re-possesion with my gf. Couldn't have gone smoother
|
stubbsy05
Member
Registered: 23rd Oct 02
User status: Offline
|
quote:
Originally posted by RioVerde
Got it for £85,500!
Well done. "He who dares rodders, he who dares...!"
|
RioVerde
Member
Registered: 23rd Apr 06
Location: Spondon, Derby
User status: Offline
|
They phoned yesterday and said a lady has put a lot higher offer than ours in so we got gazumped! Keep looking!!
|
Gaz
Member
Registered: 24th Aug 03
Location: Widnes, Cheshire
User status: Offline
|
Thats the thing with Repo's can be gazumped right till you give them the money
|
Russ
Member
Registered: 14th Mar 04
Location: Armchair
User status: Offline
|
quote:
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!!
u sound shocked...
|
deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
|
But still, £105k for something of that price? Couldn't even get a flat down here for that 
|
