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Buying a repossessed house.

We are bidding to buy a repossessed house through an estate agent, we have shown we have cash & can complete quickly, what are our chances of being successful, have you got any advice?

Asked on Dec 6 2009, General in Selby | Report content

Answers (1)

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  • You have a pretty good chance but it does all depend on the amount of your offer. On repossessions, agents act for the bank (usually through a corporate client 3rd party) and will put your offer to them. The bank will have pre-set guide lines on the minimum price they can accept and if you are within those limits (provided the property has been properly market for a time) then they are likely to accept your bid. Don't forget that the bank has a responsibilty to their previous borrower to get the best possible price for the property and might even end up in court themselves if they sell too quickly and accepted an offer below market price.

    Answered on Dec 6 2009, Report content

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