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How much to bid on distressed bank property?

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  • 06-07-2015 1:58pm
    #1
    Morbid.Angel
    Closed Accounts Posts: 286 ✭✭


    This post has been deleted.


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    #2
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    The old rule of thumb is that if you're not embarrassed by your first offer, you've offered too much.
    If the house is extremely unattractive to other buyers, you may well be the only offer and eventually the bank will have to deal with you.

    The problem with bank sales isn't so much the money that it takes to seal the deal but rather the time taken. Even if they do accept your offer, it could take absolutely ages to get a deal done.
    Do be aware that bank-sold properties tend to have a "minimum marketing time" so even if you offered double the asking to get a quick sale, the property would sit on the market until the end of that time as per the bank's instructions. That means there is absolutely no incentive to you in making a quick offer. Take you time with this and be warned that the bank will take even longer!


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    #3
    Hillybilly4
    Registered Users Posts: 609 ✭✭✭Hillybilly4


    Last year we offered 50% of the asking price on a repo - and our offer was accepted by the bank. Took 8 months for the purchase to be completed mind!


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    #4
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    Hillybilly4 wrote: »
    Last year we offered 50% of the asking price on a repo - and our offer was accepted by the bank. Took 8 months for the purchase to be completed mind!

    How long did it take the bank to except your offer ?


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    #5
    Atlantic Dawn
    Registered Users Posts: 81,338 ✭✭✭✭Atlantic Dawn
    M


    What price are similar non fixer up houses in that same area going for?


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    #6
    Hillybilly4
    Registered Users Posts: 609 ✭✭✭Hillybilly4


    handlemaster wrote: »
    How long did it take the bank to except your offer ?
    It took them a month to accept our offer.


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    #7
    Morbid.Angel
    Closed Accounts Posts: 286 ✭✭Morbid.Angel


    This post has been deleted.


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