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Repossession: What to pay and How to Play it

28 replies

duke748 · 08/01/2009 11:04

Hi all.

The house two doors down from my friend is up for sale as a repossession and I am interested in buying it.

Here's a link here: the house

Inside it is still magnolia everywhere and new cream carpets throughout. Nice modern neutral kitchen and bathrooms. Big garden too.

But it kind of has the air of being unloved about it. It is 3 years old and has been lived in for 6 months only. Been for sale for 8 months now.

Its on for £135,000 and my friend's house, which is exactly the same (but the other way round!) is currently worth £170,000, but has a conservatory built on and is fabulously decorated.

I am interested in it as I currently rent a 1 bedroom flat and I could live in this 3 bedroom house for a similar outlay.

Its very convenient for work both now, and gives me access to lots of future employers. I could rent one or two rooms out, and it would be suitable if someone moves in or even if I have a family. I can extend into the loft, the garage or add a conservatory, so plenty of scope for extension. So, I can see it as a long term house, definitely.

I see it as liveable right now as everything is clean and neutral, but I think I could make it into a home by adding a bit of colour and, of course, the woman's touch!

I have offered £124,000 on it and it has been rejected. Its very frustrating, as it is going through a bank, there is no, 'we were thinking more of...£x'.

I do really want it, but part of the appeal is that it is cheap. I can go up to £135,000 with my mortgage, so was wondering what people think I should go to, if any more at all?

Thanks, as always for your words of wisdom.

Duke
xXx

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duke748 · 16/01/2009 18:17

Slightly miffed, but the chances of someone putting in an offer of over £130,000 on a property marketed at £135,000 are pretty slim I'd say.

I think its all part of the fun of buying a repossession!

Got to get my arse in gear now! Oh, and buy some homes magazines for inspiration!

Duke.
xXx

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twinsetandpearls · 16/01/2009 18:24

I did not know they could accept the offer and keep if open to offers. Good luck though.

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sunnylabsmum · 16/01/2009 20:39

well done - hope it all works out ok.
You have done well- enjoy!!

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