repo homes for sale and offers? where do I start

[plumAJP]

ive seen a house I want,

estate agents have it up for £140k. after speaking with the agent, one offer has been made but rejected, I dont know how long ago the offer was made or the amount that was offered.

I have spoken with the neighbour to the property for sale and he says its been on the market for a year.

the agent says they will listen to offers above £125k.

do I start at £125k or go in with a silly offer of £115k/£120k.

if they havent had an offer on the property for months are they likely to consider my offer/accept it, even if it means they make a loss on the property or do they have to keep rejecting my offer until they clear the amount owed on the mortgage by the previous keeper.

any advice is really appreciated.

[steve1]

What would swing it in someones favour is if they were cash buyers,no chain etc.
I would still go in with a sensible offer, but state your case, you can move quickly etc etc.
Good luck.

[plumAJP]

its repossessed so the bank own it and are selling it via their agent.

I can get a mortagae and have the deposit so could be in there in no time at all. i think the no chain and wuick move only helps with normal house sales doesn;t it?

[Simpo Two]

If the bank own it I suspect they will be desperate to rake in whatever they can.

[plumAJP]

thats what im hoping.

[davidjpowell]

Not that easy. Some banks will take their duty to get Market Value more seriously than others. They would at least want a Chartered Surveyor to carry out a valuation confirming that your offer is at the right level.

The fly in the ointment is that they will most likely not tell the surveyor what your offer is.

This is one of the reasons they like auctions as it establishes the market value.