Buying a repossesion

[SA Gold]

Re: Buying a repossesion

Hi PlanB,
Thanks for posting.

Am I right in thinking your offer of £4k less than the asking price was finally accepted and then you got a further reduction in the price because of some faults with the property?

Our original and only offer of 4K less than the asking price was accepted after the property had been in the local newspaper. There was another party interested although they were part of a chain and i was led to believe the vendor wanted it sold asap. I actually advised my mrs <cough> to offer 4K less on the basis that i could see all the central heating needed ripping out and that was going to cost us about £2500 to sort out.

In which case try not to feel too glum about the £1k it's cost you to fix up the roof/ceiling problem because it seems you still did okay in the long run

You know what, there have been many a time when i have wondered (worried) we paid too much for it.
We have done so much work to it, with all the associated costs, hard work and living with the Mrs parents (haven't long moved in). However, we now have a nice sized kitchen/diner and although we still have a lot of work left; it will be worth it in the end. Our next door but one neighbour recently sold up and i felt a sigh of relief when he informed me of the selling price as it cancelled out my fears of over-purchase price and combined renovations. So as you say: ok in the long run.

For the benefit of anyone considering the purchase of a repossession always have a full survey carried out or you could find yourself with the same problem as the OP in his other thread.

Agreed. I can't help but thinking if i would have got an independent company in with the same results it would have been a totally different story.