Bank have taken over property we are interested in?

random10

We have been looking at buying a house for a while now, one house we were interested in was 295k, went down to 265k, went down to 240k, last week went down to 150k. Time to make our move you say, so we ring estate agent and they say the property is on hold, it has been taken over by the bank and they refused an offer a month ago of 130k. So what will happen now does anyone know?

ABajaninCork

I'd find out from the EA which bank has it. Then approach them direct and make a counter-offer. They can only say 'No'!!

random10

I think they are too cute to give out that information, I would love to do that

ABajaninCork

Ask around. The EA isn't the only one holding that information, I'm sure...

TwoShedsJackson

You'll probably find that the bank will be a lot slower to respond, and far less willing to take a low offer, because unlike the previous owners they have no emotional or day-to-day practical connection to the property.

random10

Well I don't know what to believe, the property was for sale with 2 agents, the other agent had it for a much higher price. Rang him today and we can view it with him and he's reduced the price to what the other agent wanted.

valleyoftheunos

The bank will be very slow to get back to you on any offer you make, its all done at committee meetings and they seem to take place weekly or fortnightly.

Elbow

Prepare for a frustrating few months!

Myself and the girlfriend are in a similar position at the moment, took six weeks for our initial offer (fair but well below asking) to be flat out refused, then another few weeks to get an answer on what kind of money they were willing to negotiate at.

random10

have you had any luck with the banks since?

belcampprisoner

it should go to auction

Elbow

random10 wrote: »

have you had any luck with the banks since?

I was told today we'll have an answer on our last and final offer by next weekend, we're still well under the asking but optimistic (and at walking away stage if it isn't accepted)

Galego

Elbow wrote: »

I was told today we'll have an answer on our last and final offer by next weekend, we're still well under the asking but optimistic (and at walking away stage if it isn't accepted)

Keep us posted and best of luck!

murph226

What part of the country is this?

random10

An update; the property was being sold by 2 agents so I contacted the other agent. He was able to get us a viewing, we like the house, he tells us that the husband is bankrupt but the house is in the wife's name. She has 143k left on mortgage, we offered 140 and they accepted but their solicitor needs to check with their bank that this is ok. the estate agent seems confident it won't be a problem, any opinions on this?

Galego

random10 wrote: »

An update; the property was being sold by 2 agents so I contacted the other agent. He was able to get us a viewing, we like the house, he tells us that the husband is bankrupt but the house is in the wife's name. She has 143k left on mortgage, we offered 140 and they accepted but their solicitor needs to check with their bank that this is ok. the estate agent seems confident it won't be a problem, any opinions on this?

I would be surprised if they did not bite those 140k of your hands!!!

Siobhan83

Hi
Can anyone tell me how i can find out what property is owned by the banks and how would i go about making an offer on it??