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Buying a repossessed house

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  • Im in the process of buying a reposessed house and ive been given 6 weeks to complete. Sold sign is up and they arent doing any further viewings etc. Water gas and electric all turned off but luckily i have great treadesmen who will help out. Didnt bargin on the debt collectors and problems with utilities though so will try and call them asap. want to stay with my current provider so hopefully they will be able to process switch quickly. Letter plate currently sealed so all mail being returned. Hopefully that will get rid of loads of them before i move in. Been empty at least a month already and I go in on April 17th.

    I know i dont have any come back on the fixtures and fittings and i am a bit worried that i couldnt find a boiler on my viewing LOL....could be an expensive mistake.

    In my experience, I didnt get it any cheaper than had it have been an open market property.

    Good luck with yours though and keep us informed how it goes....got vested interest :)
    'Proud To Be Dealing With My Debts' DFW 228 :j

    Total outstanding - £13000. (approx)
  • jennab18
    jennab18 Posts: 15 Forumite
    When my mum brought our house when we were younger it had been repossessed.But she didnt move in for about 3 months after she brought it. But when she went in the people who had it taken of them where still getting in because they had a spare key. She found all there takeaways and washing in the back garden it was abit freaky
  • Flash_2
    Flash_2 Posts: 63 Forumite
    I was about to go ahead with buying a repossessed house, but having had to compete with an investor & up my offer to well over the initial asking price, I decided not to go ahead. It was already under offer to someone & they had been due to exchange contracts the very week the notice went in the local paper, inviting higher offers before exchange took place. I just didn't want that to happen to me & be out of pocket over the survey, etc. I also didn't fancy the debt collector hassle & not knowing if the central heating worked. I just couldn't face the worry of it.
  • mstar
    mstar Posts: 269 Forumite
    where can you find out to buy a repossesed property in the first place? anyone?
  • Doozergirl
    Doozergirl Posts: 33,777
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    You stumble across them mstar. Many go through estate agents as normal and you are only told when you show interest. Others go to auction where the lot will generally say 'by order of the mortgagees'
    Everything that is supposed to be in heaven is already here on earth.
  • I bought a repossesed house 7 years ago.

    The ad went in the local evening paper and someone did in fact offer more but they were not able to complete as quickly as me so the agent / mortgage company stuck with my offer.

    As said there is absolutely no guarantee about any of the fixtures and fittings in the house so we just had everything checked out.

    Luckily for us the mortgage was the only debt of the previous owner (relationship breakdown - just stopped paying the mortgage so neither of them got any profit from the house, very sad) so we were not bothered by post or bailiffs.

    Good luck!
  • rizla01
    rizla01 Posts: 7,254
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    Of course, if SOMEONE(wink, wink) was to put in an offer waaaay over the asking price the EA would have to accept this and advertise it as such.
    No further offers would come thru and when that 'buyer' pulled out they would come to you for your original offer.

    Just food for thought.:)
    "Unhappiness is not knowing what we want, and killing ourselves to get it."
    Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))
    Women and cats will do as they please, and men and dogs should relax and get used to the idea.
  • Goleo
    Goleo Posts: 39 Forumite
    I hadn't heard from the EA's so i phoned them. They said the company who own the house are just waiting to see who offers the most. Apparently someone has offered more than asking price (why would they do that?). I could offer more as the asking price is below my limit, however, i don't entirely trust EA's.

    Do you think they are playing a sneaky game? It's happened to me before (they said the house had been taken off the market and they not doing more viewings, then a mysterious buyer turned up and offered 2k more than me).
  • If a higher offer comes in, The EA will ask you to equal ot increase on it.

    Some repo's will aslo stay on the market untill exchnage of coontracts.
    If I have Offended you. Thats Great :j
    If I have Offended your Religion, Race, Sex, Country, Hair Cut and your taste in Biscuits.:mad:
    Now Thats Bargain:T
  • Goleo
    Goleo Posts: 39 Forumite
    I've not heard anything from the EA since i phoned them last week. Should i phone them to find out what is going on or does it make me look too eager?
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