 You don't need to be an 'investor' to invest in Singletrack: 6 days left: 95% of target - Find out more
House i am renting is currently on the market, 2 months, 1 viewing, it is IMO over priced, neighbouring properties went for a lot less than ours is on the market for. The landlord owned a dozen or so properties in the street, late victorian 2up 2 downs, so all much of a muchness. All repossessed and slowly being sold off
As it is a repo i believe that the vendor has a legal duty to get best price possible, but, if no viewing, is there any timescale on this sort of thing? I assume that eventually the house would go to auction?
I know how much i can offer, it is 25-30% less than asking, which is on a par to the price neighbouring properties have sold for. I just guess that on day one they will laugh at you? and at some point say yes?
Can anyone offer any advice on this?
The repo I looked at was marketed with a 90 day timescale. On at 275k and is still on right move stating an offer of 260k has been accepted but open to higher offers until contracts are exchanged. Not sure if that is the most common way repos are sold though, and you also get everything left in the house, shed, garden. This one has a full size snooker table in the man cave out back!
Punt in as low as you dare. Don't quote me but if the time runs out and the seller has a genuine offer they pretty much have to accept it.
I seem to remember reading about a bloke getting a place in London for several hundred thousand below market price simply because no-one else bid.
Then again, that might just have been the internet.
How long it stays on the market and how they decide to sell it depends on the party in control, ie the bank. Show them an offer, you've nothing to loose.