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Day 1 0f 30! Journey into repossessed property purchase.
Comments
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upsizer - I wish you every success and happiness in your new home.
Just one question. How did you find the repossessed property? The only website i found on internet was one that charges an annual fee! Any words of wisdom you could provide would be fantastic!!!!
To the best of my knowledge there is no one site that shows all the repossessions that are for sale. I would be very dubious about giving money to any body claiming to have this info.
Repos are either sold via estate agents, check newspapers & websites, any property with a piece of A4 paper in the front window or tape over sinks/toilets is likely to be a repo.
OP if you need to check on which utility company supply the property, ring 08706 081524 for gas & 0845 6015972 for electric. State the address & they will till you who the provider is. But there is along way to go before you need those numbers.0 -
Thanks for all of your tips.
We have a mortgage agreement in principle and have sent an online application (we are increasing our current mortgage so hopefully this will speed things up a bit). We have instructed a solicitor and hope to get the survery done in the next week.
I have downloaded a copy of the Land Registry entry to see if there are any second charges, but not really sure what to look for. In the section marked 'Charges Register' there are a few items dated back in 2005 when the previous owner purchased the property and then there are two items dated last year. These are as follows:
(28.09.2007) REGISTERED CHARGE dated 24 August 2007.
(28.09.2007) Proprietor: GE MONEY HOME FINANCE LIMITED (Co. Regn. No.
592986) of 53-61 College Road, Harrow, Middx HA1 1FB.
Any ideas what they are?
thanks!0 -
We feel that are main worries at the moment are getting the mortgage through in time for exchange of contracts and the potential for being gazumped. We have already offered £15k above the asking price (long story!) and as far as we know, there is one other interested party who is waiting for the public notice before putting in an offer. Our hopes are that we will be far enough into the process for the repo company not to want to start over, even if there is a higher offer.
Has anyone found this to be the case?0 -
Why hasnt the other interested party already put in an offer?
Looks like GE Finance lent the owner some money secured on the house.0 -
I take it you`re not in a chain. I tried to buy a repo but my buyer took the mick getting their deposit and I lost the sale as I couldn`t complete in 30 days. It went to auction and it sold for less than I was prepared to pay. I only needed an extra week and the person who bought it tried to sell it to me but I had already put an offer in for another property.0
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I hope that this property is something very special causing you to feel so pressured into buying it.
You do realise that there is almost a certainty that you will have a LOT more property available at your repo price, and without all of the hassle, within 12 months in all probability. In fact I would BANK on this being the case.
Is your situation desparate?
I would guess that this is a first purchase and that you are fed up with renting but you should really hold back for a while, if you are able, and cash in on a dying market.
You will almost certainly be glad that you waited."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.0 -
Banks are not playing this game at the moment, they have nothing to loose and would prefer to leave the property unsold.
Gazundering words best when you are dealing with real people who are holding all hopes on selling their property to you.
I know we are in a economic downturn but the banks still have billions of pounds to play with.
Wouldnt a bank or building society or indeed a company who has bought the property cheaply for resale want to ensure a quick sale with the buyer in hand rather than hope for another able buyer to come along if they reject a lower offer? The property standing empty still has to have the service charge, ground rent, etc. paid for, not to mention the possibility of damages or squatters moving in?
Just say you were to gazunder, how do you approach the subject??0 -
Thanks again.
We're not FTBs. This will be our second house. We currently have small 2 bed terrace and the house we are buying is a much larger 3 bed semi with a massive garden.
The other interested party is waiting til the public notice in about 10 days time before putting in their offer, but the EA seems to think that it might be too late for them by that stage and that we should be fairly safe, so long as we can exchange in time.
Our chain is simple. A cash buyer (investor) has bought our house and is also keen to move quickly.
We feel that the house is worth what we have offered, but we are aware that other things will come up in the coming months and if this falls through, I think we might get off the property ladder for a few months and rent.
We would rather buy this house as we really like it and plan to live there long term. We have a young child and hope to have another soon, so we are looking to secure a nice family home and this one is certainly that.0 -
Did you get it much under the normal asking price upsizer?0
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Yes, similar houses in the same street/area sell for about £50k more than we have got it for, hence the feeling that it's a bargain!0
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