What offer should I put in for a house? Repossesion.... - HotUKDeals
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What offer should I put in for a house? Repossesion....

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Hi all, The asking price for a property is £84.950 that i am very interested in. It is a repo so they are having it as sealed bidding auction. I know 3 offers have been made. What offer should i put i… Read More
thevman2k3 Avatar
7y, 9m agoPosted 7 years, 9 months ago
Hi all, The asking price for a property is £84.950 that i am very interested in. It is a repo so they are having it as sealed bidding auction. I know 3 offers have been made. What offer should i put in. The houses in that area are going for £100-110,000.

I have put in offers for some before but they always seen to go over the top with the bidding. can anyone advise
thevman2k3 Avatar
7y, 9m agoPosted 7 years, 9 months ago
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banned#1
is the £84,950 asking price or guide price?

big difference between the 2
#2
if its a repo you should still expect to get it below market value. The people who have outbid you previously are possibly in the buy to let market and not reliant on a mortgage. No mortgage lender will give you more than their surveyor says the property is worth-they are especially cautious with their valuations at the moment.

I assume you already have a mortgage agreed in principal and know what you can afford-to offer above market value is suicide and you will immediately be in negative equity.

You need to get an independent valuation for the property,take into account any work that needs doing and tailor your bid accordingly. There are bargains to be had right now-wait for the right one,dont get into a bidding war with speculators who are cash rich and dont need mortgages.
#3
i spoke to the lady at haarts and she has advised if it has loads of interest then it will go to a closed sealed auction and at the moment it looks like being one.
#4
thevman2k3
i spoke to the lady at haarts and she has advised if it has loads of interest then it will go to a closed sealed auction and at the moment it looks like being one.


tbh if thats the case I wouldnt get involved-wait for another property.
#5
Lucky you...Cheap up there..
#6
http://www.nethouseprices.com will give you an idea of what sold for lately in the area
banned#7
I say £90'000 - £95'000 depending on how much work is needed.;-)
#8
[SIZE="3"]£84.950 = Greatest Bargain Ever :w00t:[/SIZE]
#9
o is this the scottish system? where offers have to be above (like kirsty and phil showed last night on relocation). according to them good idea to ask ur solicitor
#10
there going for around 105 mate at the moment and that is minimum around that road, going to visit property at a viewing on saturday. its an open viewing hence probably a repossession. Im not to sure what to offer.

If i do below chances are I will not get. Does anybody have any recommendations from experience or anything really.

thanks
#11
A house is only worth what you can afford no matter what anyone else is bidding. Dont get drawn into a bidding war unless you can afford it and really believe that this is the only house for you.
#12
WoolyM
A house is only worth what you can afford no matter what anyone else is bidding. Dont get drawn into a bidding war unless you can afford it and really believe that this is the only house for you.


How does that work then??

If I want a Porsche but can only afford to bid a hundred quid does that mean a Porsche is only worth a hundred quid now? I think not. It means I cannot afford what it is worth.
#13
Babbabooey
How does that work then??

If I want a Porsche but can only afford to bid a hundred quid does that mean a Porsche is only worth a hundred quid now? I think not. It means I cannot afford what it is worth.


No it means you need to think of other ways of getting it.. or get something different
banned#14
Babbabooey
How does that work then??

If I want a Porsche but can only afford to bid a hundred quid does that mean a Porsche is only worth a hundred quid now? I think not. It means I cannot afford what it is worth.


I think the phrase would be its only worth what someone is willing to pay for it

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