NotoriousREV

We're looking for a new house and the estate agents phoned us about a repo'd house on which the sale had just fallen through. We went to view today and it's a nice house although clearly been owned by a Laurence Llewellyn-Bowen fan.

It's advertised with 2 different agents at £250k but according to our agent, that price was set by the other agent and our agent valued it at "235-240".

The place does need some work, I think they knew they were going to get repo'd and haven't really looked after the place so well and it's been empty for about 3 months.

I want to make a low offer for it but without making the agent think we're idiots plus I don't want to end up getting gazumped. We also haven't put our house on the market yet (we've literally started looking in the last 2 weeks) so obviously we're not in the strongest bargaining position but is it still worth bunging in an offer of £220k? Should I go even lower or is that taking the **** too much?

Jamie

Go lower

Spoon

I'd say before you make a low offer you need to be able to proceed with the deal and not have to wait to sell.

It's all well and good offering £220k but you make yourself look a bit daft if you then say you have to sell your house, in my opinion.

It's always worth a try, but bear in mind you might and should in theory lose it.

meganesport.net

unless you've sold your house it doesnt matter if you offer full asking price or 50 grand under its pretty much worthless utill you can show them the money. If it was a private sale maybe you would get away with it but if its in the hands of solicitors they wont take any notice unless your all sold and ready to go

msi

You can still get a mortgage for the new house if you have not sold your own, I did this about a year ago, as long as you have the deposit have a word with the mortage company.

pslewis

I agree that you must sell first ......

Also, remember that, as its a Repo - then the Agent is legally bound to obtain the best price .......... this is normally satisfied by the agent announcing an offer received in the local paper and asking for any, higher, offers to be tendered before a certain date.

Don't bother with an offer yet - sell yours first - but watch the local papers and keep a tab on the agents and any offers received.

Pete

unclebuck

Pinkster fancies himself as a bit of a property mogul.

You have to chortle....

2000TLondon

Never worry what the estate agent might think about your offer, who gives a **** what they think?

Go low, as low as you can with a straight face , I say, as you will always get the oppurtunity to raise your bid at the negotiating table, but you'll find it very hard to lower your bid! Nobody will be so offended by an offensive offer that they will refuse you the chance to make another!

wakeboardar

i would do this if the house is really the one you want not being in a chain is very attractive to a seller may be enough to encourage a much better price

salsa-king

if you've sold your house.. and all ready to go... offer £200k and plan on paying no more than the £220/5k max.
say its in need of work as the previous ownbers decorating is not your taste (they always say sell a house with plan/neutral coloured walls etc.. that way it apeals to moe ppl and you can move in with no work) i know its a repo.. but they need their money asap too.

Is it the house you really want or are you wanting it cus its 'cheaper'???
at the right price go for it! if in two years you've had enough.. you move on.. hopefully making a proffit. bought at the lower price you can't lose.

is this house on www.rightmove.co.uk?


Phil

NotoriousREV

It's a house we really want, especially as we thought it was out of our price range. Yes, it's on Rightmove, no I'm not telling you which one it is but suffice to say it's a 4 bed detached, with 3 en-suites and a detached double garage in a nice location.

Started re-decorating our house today (neutral colours and all that) so should be ready to go to market next week.