viewed a repossession today

[Jampot]

A local agent whom i get on very well with telephoned me today with details of a house they have taken on as a repossession - very sad story but it has to be sold. Its been on the market for over a year at 250 (reduced from 270), its in a terrible state, needs new kitchen, bathroom, extension, redecoration, carpets, windows etc. Agent suggested i offer 180 so dh decideded to go below and offer 175 which the repossession company have rejected. So, how high should i go? An extended house over the road is currently on at 312 but obv not sold yet. Wouldnt be a forever house but simply somewhere we could buy for cash in order to reduce our monthly outgoings (ie no rent).

£200?

do as the agent suggested and try 180.
what's your budget?

I doubt whether EA plucked £180k out of the air so try it.

Put the question back to the vender, say 180k is too much what would they accept.

Depends if you are willing to play a waiting game or desparately want the house.

It worked a few years ago with us. House on market at 325k we offered 300, refused we said really struggling to meet the asking price what is the lowest they would go to. vender said 310k we didn't reply then agent called 10 days later to ask if we had made a decision, we said sorry we couldnt get that much money together could only make it 305k. Which they accepted to get he sale.

even 2k saving is a lot of cash so worth a try.

i telephoned the agent today who said there are no other offers on the table or even any viewings - she suggested that we leave the offer on the table and not increase it until a higher offer comes in - market is dead round here it would appear so will possibly relook at it in a few weeks.

will send her wine at xmas