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Buying a Repossession

Fowler0505
Fowler0505 Posts: 27 Forumite
in House buying, renting & selling
I have recently got an offer on my property and am interested in a house that has been repossessed.

This is new territory for me and I wondered if anyone could advise me of the problems in buying this type of property.

I know I am asking a lot but I am guessing their are a number of issues to consider.

Thanks

Liz

Comments

  • carlydoherty1980
    carlydoherty1980 Posts: 10 Forumite
    I bought a re-possessed property two years ago and I haven't had any problems. The only issues you may face are getting certificates for any works completed on the property ie electrical certs and guarantees on work. This hasn't been an issue for me as i completely gutted the flat.

    I've had bits abd pieces of mail come for the previous owner which I have sent back to sender or opened when it looked important then advised that they had moved on.
  • *CheshireBelle*
    *CheshireBelle* Posts: 1,607 Forumite
    carlydoherty1980 wrote: »
    I bought a re-possessed property two years ago and I haven't had any problems. The only issues you may face are getting certificates for any works completed on the property ie electrical certs and guarantees on work. This hasn't been an issue for me as i completely gutted the flat.

    I've had bits abd pieces of mail come for the previous owner which I have sent back to sender or opened when it looked important then advised that they had moved on.

    I also bought a repossessed property almost 3 years ago and haven't had any problems at all. Good luck :D
  • princessamy86
    princessamy86 Posts: 4,889 Forumite
    Normal procedure is that your offer has to be advertised for at least 7 days, to invite people to make increased offers. You usually need to be able to exchange within 28 days, which might be difficult if there is a chain involved. You won't be able to test if anything works as the utilities will be turned off as well. It can be quite difficult, particularly if there is a lot of interest, as the agent will actively encourage gazumping in order to get the highest price.
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • Running_Horse
    Running_Horse Posts: 11,809 Forumite
    Part of the Furniture Combo Breaker
    Use the search button, click on links, etc etc etc.

    http://forums.moneysavingexpert.com/showthread.html?t=1634449&highlight=
    Been away for a while.
  • Fowler0505
    Fowler0505 Posts: 27 Forumite
    princessamy86 wrote: »
    Normal procedure is that your offer has to be advertised for at least 7 days, to invite people to make increased offers. You usually need to be able to exchange within 28 days, which might be difficult if there is a chain involved. You won't be able to test if anything works as the utilities will be turned off as well. It can be quite difficult, particularly if there is a lot of interest, as the agent will actively encourage gazumping in order to get the highest price.

    Thanks that is really helpful. We have a FTB with 40% deposit and the re-possession is empty so chain is very short. We can move as quickly as is required and my husband is an Electrician with a number of contacts with other skilled workers so I am hoping we will be ok re work required.
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