Can you make an offer on a repossessed house?
Just wondering if the price is solely what is owed on the mortgage the previous owners...?
If you can - how low can you go? Property marketed for £104,995 for 3bed ex-council house
The estate isn't opened today so i can't ask them...
Thanks
2007-12-01 19:58:23 · 4 answers · asked by ஐ♥PinkBoo - TTC #1♥ஐ 5 in Business & Finance ➔ Renting & Real Estate
Yes you can.
Price tends to be slightly under market value - its set by the mortgage holds, i.e. building society.
Go in quite a bit lower than asking price - you can always up it if you really want the place! I'd go around £95K in this case.
Have a good look round it - often with repo's kitchens and bathrooms are torn out, and the place needs a lot of work.
Good luck.
2007-12-01 20:02:26 · answer #1 · answered by Sal*UK 7 · 1⤊ 0⤋
Yes you can offer in the UK. Gone are the days where you get a repo for a cheap price. The mortgage company now has to by law prove that they tried to achieve the highest price achievable, and not just the amount of the outstanding loan. The old owner will get the rest of the money once all fees are paid.
Three surveyors would have gone out independantly to the house to put a definite value on it, so you won't get it that much cheaper. Start off at 95k, but chances are you will have to pay 100k.
Then, once your offer is accepted, the agent MUST put a 7 day notice in the local paper telling everyone the amount of the offer and inviting higher offers. All I can advise is, once you have your offer tied up, get your mortgage sorted out as quickly as you can (preferably thru the selling agent - always helps to keep them sweet) so that if a higher bidder does come forward, they are unlikely to be in a position to beat you to it.
Good luck
2007-12-02 04:08:48 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Yes you can make an offer on the property, it is then upto the company that holds the debt whether they accept your offer or not, you have to be in it to win it so give it a try, you can always put another offer in if they dont accept your first offer.
2007-12-04 05:25:37 · answer #3 · answered by leambi 5 · 0⤊ 0⤋
you can make offers on repos houses...it does not always follow that they will be cheap the banks always try to get as much as they can for them esp if there is no damage to the property...and you need to know that you will need to complete within 28days or you loose the property and your deposit....that's on all repo's
2007-12-03 11:42:25 · answer #4 · answered by Anonymous · 0⤊ 0⤋