Offering on repossession, how much?

[secretskillrelationships]

After losing house we really liked a month ago, have just found something else. It's not as nice but it would work for us and is significantly cheaper which is a compromise I can accept.

House has been repossessed. Property developer overextended themselves and went bankrupt. House has been done up reasonably well but has been empty for some time and has some obvious work that needs doing.

It went to auction 2 months ago and failed to sell. Now on market at £75k more than auction guide price. So, assuming I decide I can live with it, what should I offer? I'm a cash buyer in rented so could move quickly.

Offer auction guide price or slightly below and then you have haggle room?

Offer slightly less thna auction price.Stress you are cash buyer who can complete early.Put a deadline on offer.Make sure offer passed on Problem in this situation is agents can sometimes try and justify fee by letting things run on a bit Be pushy and proactive

Have offered exactly guide price, subject to survey which is likely to show up a few issues. Not heard, so think they are holding out for weekend viewings. But they haven't rejected the offer. Will chase agents on Monday if I've heard nothing.

Did they accept SKR?

No! Finally heard on Tuesday that they were rejecting the offer with some cock and bull story about the guide price being to tempt people in etc etc. But the bottom line is that they rejected the offer. Have raised my offer by £15,000 but am still to hear back. Sounds like this is a decision by committee which is never all around at the same time! Will keep you posted! Still have everything crossed.

Will keep mine crossed for you then too!

Thought I'd update this very old thread as have just heard back on my offer! It's been a long and complicated journey but have just heard that my offer has been accepted. Having taken over 4 weeks to deal with my offer, they now want to exchange in 3 weeks! Cheeky buggers.

Survey being carried out tomorrow so, assuming that is okay, it'll be full steam ahead. Won't be rushing things as they managed to raise a huge number of 'issues' as the reason they couldn't commit! Odd as the house went to auction so all this should have been sorted months ago. That said, am getting a pretty good deal I believe. Not quite a forever home but certainly one that will do us for quite some time. Makes financial and social sense too.

Wish me luck!

Good luck - sounds like you did really well. Congratulations for holding your nerve.