Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • henrypootle
    • By henrypootle 14th Aug 17, 2:29 PM
    • 105Posts
    • 99Thanks
    henrypootle
    Buying a repossession... is it worth it?
    • #1
    • 14th Aug 17, 2:29 PM
    Buying a repossession... is it worth it? 14th Aug 17 at 2:29 PM
    I've read lots of horror stories online about buying repossessions (an the fact that you can be gazumped right up to the last minute) but has it worked out ok for anyone and has anyone got any tips to help it go as smooth as possible? Just weighing up what to do!
    Henry Pootle (aka Piglet)


Page 2
    • G_M
    • By G_M 23rd Aug 17, 3:09 PM
    • 41,106 Posts
    • 47,246 Thanks
    G_M
    I could never buy a repo. I'm superstitious and would never want to buy someone else's bad luck
    Originally posted by gaz141
    So do you check whether anyone has ever died in a property before buying it?
    • hazyjo
    • By hazyjo 23rd Aug 17, 4:06 PM
    • 9,533 Posts
    • 12,021 Thanks
    hazyjo
    I could never buy a repo. I'm superstitious and would never want to buy someone else's bad luck
    Originally posted by gaz141
    Bad luck isn't all about money. Do you only buy new builds?


    I had ridiculously bad luck when I owned my last house (literally one thing after the other, and another, and another, and another... carry on like that for a dozen more times). I sold after 2 years. To any buyer, they'd not have a bloody clue.


    They're still there 4.5 years later, so can't all be bad.
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • henrypootle
    • By henrypootle 4th Sep 17, 11:02 AM
    • 105 Posts
    • 99 Thanks
    henrypootle
    Few days since I've been on here...


    They accepted our 3rd offer (still below asking price) last Tuesday!


    Since then, had mortgage appt with financial advisor on Wednesday to apply for mortgage, survey / valuation booked for next Tuesday, popping in to solicitors today with inital paperwork and to pay for the searches.


    Eeeek this is it! I want to be excited but I'm also a nervous wreck in case it all falls through...
    Henry Pootle (aka Piglet)


    • Mossfarr
    • By Mossfarr 4th Sep 17, 12:16 PM
    • 415 Posts
    • 545 Thanks
    Mossfarr
    Good Luck. Let us know how you get on.
    • henrypootle
    • By henrypootle 11th Sep 17, 12:37 PM
    • 105 Posts
    • 99 Thanks
    henrypootle
    Still seems to be going smoothly, searches went off last week, valuation and survey due tomorrow. Its gone a bit quiet now so I'm hoping everything is happening as it should and that there's no issue with the mortgage.


    Once we have our mortgage offer back and the searches are done is there much else left to do?


    We've been back to the house this weekend and also been to look at new kitchens, bathrooms, flooring etc - getting excited now!!
    Henry Pootle (aka Piglet)


    • elliemet23
    • By elliemet23 12th Sep 17, 10:16 AM
    • 14 Posts
    • 0 Thanks
    elliemet23
    Good Luck!
    We're in the process of buying a repo at the moment.

    Just had the survey back which has thrown up a couple of things, so waiting for an electrician etc to go in this week to get safety certs done.

    Only got 8 days left to complete, so may have to ask for an extension.

    It is definitely worth having a good solicitors, they're worth their weight in gold!!

    Good Luck!!
    xxxx
    • henrypootle
    • By henrypootle 12th Sep 17, 4:35 PM
    • 105 Posts
    • 99 Thanks
    henrypootle
    Good luck to you too ellienet!


    What happens if we don't meet the deadline then? Hopefully our valuation and survey have been done today...
    Henry Pootle (aka Piglet)


    • Surrey_EA
    • By Surrey_EA 12th Sep 17, 4:44 PM
    • 1,062 Posts
    • 1,257 Thanks
    Surrey_EA
    Good luck to you too ellienet!


    What happens if we don't meet the deadline then? Hopefully our valuation and survey have been done today...
    Originally posted by henrypootle
    Probably very little. As long as you're making reasonable progress and not delaying deliberately then it's highly unlikely the vendor will withdraw, even if you don't exchange before the deadline.
    • elliemet23
    • By elliemet23 15th Sep 17, 10:32 AM
    • 14 Posts
    • 0 Thanks
    elliemet23
    As long as they can see you're making progress and not dragging your feet they will grant an extension of time... Its more hassle for them to find someone else to go through the WHOLE process again! xx
    • henrypootle
    • By henrypootle 25th Sep 17, 12:13 PM
    • 105 Posts
    • 99 Thanks
    henrypootle
    Well everything appeared to be going smoothly until last Tuesday when the mortgage company decided that my husbands ID wasn't ok - why didn't they tell us 2 week earlier when we first made the application!
    Because we sold our property and moved out back in July (and now staying with family) we have no decent address ID - aarrgghh!! They've said a letter from HMRC with tax code would be okay but apparently that could take 2 weeks to come through. Deadline is meant to be next Tuesday 3rd.
    Henry Pootle (aka Piglet)


    • elliemet23
    • By elliemet23 25th Sep 17, 3:22 PM
    • 14 Posts
    • 0 Thanks
    elliemet23
    Can you not log on to the HMRC website and download something or ask your works HR department if they have anything like that?
    xxxx
    • henrypootle
    • By henrypootle 25th Sep 17, 3:50 PM
    • 105 Posts
    • 99 Thanks
    henrypootle
    I wondered that but I guess if its okay as official address ID they need to post it out rather than let you download it????
    Not sure he's even told work he's moved! I'm okay as I have up to date passport but hubbie doesn't (even tho that's not address ID!! Its all so confusing).
    Hubbie has actually contacted me today to say he's got a letter from the council re council tax rebate from our old house that has been sent to our temp address - the mortgage advisor has said he'll send that off and see what they say. Fingers crossed
    Nothing is ever simple is it!!


    How are you getting on elliemet23?
    Henry Pootle (aka Piglet)


    • elliemet23
    • By elliemet23 25th Sep 17, 4:20 PM
    • 14 Posts
    • 0 Thanks
    elliemet23
    Could you change his driving license quickly? When we moved the first time mine came back within 3 days... That or go to your local Passport Office and get him his passport on the same day (costs more but is worth it!)

    Last Wednesday (20th) was the end of our 28 day period to buy the house, we were granted a 7 day extension (27th) to exchange. We have an appointment on Wednesday to sign the contracts and exchange (tried to go earlier but the solicitor is now off sick, typical!).

    Our mortgage company have said they require ANOTHER 7 days to transfer the full funds, so looks like we are going to be waiting until next week to get the keys now
    We need to get in ASAP really as there is no central heating and we don't want pipes bursting etc with it getting colder every week now!

    xxxxx
    Last edited by elliemet23; Yesterday at 4:23 PM.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,877Posts Today

7,967Users online

Martin's Twitter