We have seen a house but it appears to have been repossessed. We don't know much about buying this type of houses, only a little research we have done after finding this one.(posted 7233 days ago)Probably the bank will prefer a buyer with cash. I need to complete the sale on my existing flat so, does someone know of any way I can persuade the bank to accept my offer?
Also, I read that repossessed houses are normally sold at a much lower price than the market value. Can anyone tell me what a "much lower price" means? The house was for sale at 190K. Because it has been on the market for a while (at least more than one month)they have reduced the price to 180K. The house needs quite a lot of work, so we are thinking of putting an offer of around 160K. Can someone tell me if this looks too little or too much for a repossessed house.