When you have decided on a property its time to make an offer. Its always worth going lower than your actual offer price as your first offer has a good chance of being turned down. This way you can put a second offer in without going over your budget. There is also that chance that you'll get it a little bit cheaper than the asking price. As a guide I would offer around 5-10% lower than asking price but it all depends what the asking price is.
Remember that repossession property's require you to provide proof of mortgage offer and I.D. before you can make an offer so, see your mortgage broker first.
You will hear the result from your offer anything from 1 hour after, to 3 weeks after. This all depends on the seller.
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