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Buying from auction - mortgagee NOT in possession
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# 1
Old 05-02-2010, 9:24 AM
MoneySaving Convert
Join Date: Mar 2004
Posts: 130
Default Buying from auction - mortgagee NOT in possession

Hi guys. I hope somebody can help.

I'm interested in buying a house from auction. It's described as being sold by the " mortgagee not in possession". I spoke to the estate agent who said that it hadn't been repossessed but that the vendor didn't have keys and couldn't confirm whether anybody was in there or not. They advised me to ring the council but of course because of data protection they can't tell me anything either. Does anybody know what the likely scenario is. I can't view the property because nobody has keys!

I know it sounds dodgy but i really am interested. Is the likliest outcome going to be squatters do you think? And any ideas where i could get information from?
applecharlotte is offline
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# 2
Old 05-02-2010, 9:27 AM
Deliciously Dedicated Diehard MoneySaving Devotee
Join Date: Sep 2005
Location: South Hertfordshire
Posts: 28,589

Sounds like it is an assisted sale, the property hasn't been repossessed but the lender and owner have agreed that a sale should happen and so the lender is assisting with the sale. Could be that the current owners have moved out and the lender has decided to assist them in selling without actually repossessing.
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# 3
Old 05-02-2010, 10:25 AM
MoneySaving Convert
Join Date: Mar 2004
Posts: 130

Thanks for replying. It does say it's for sale on behalf of the mortgagees though. But that they're not in possession?
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