Advice on buying a house that has been repossessed?

Rebchappers

The mortgage company selling the house has a legal obligation to get the best price that they can for the house... regardless of how much the company are owed.

However, if they receive an offer of say £130k from someone in a chain, and another offer of £125k from a FTB who has no chain, they will often accept the FTB offer. Everyday that the house remains unsold, is losing the mortgage company money. I do know that if you purchase a repossessed property, you have to be able to exchange contracts within 21 days from the day your offer is accepted. Some companies will allow 28 days, but you need to be able to move fast.

I hope this helps

HOORA

that IS something I didnt know about.

I can do it in under 21 days BUT I would need to give my solicitor power of attorney as I will be abroad at work at the 21 day point.

Being a FTB with 40k cash, (was going to be a substantial deposit for a good rate - now will have to be used doing the place up) do you think I am in a good position ?

Builders have been round to have a look, but either there is something wrong with it which will cost too much OR they are waiting for auction.

My surveyor also has an EA practice and offers a homebuying service - do you think it is worth getting him to negotiate and procedd with the sale or is it just another fee I would pay ?

The house has been repossessed by the HALIFAX, with a secured loans lender also having a charge on it (no idea if the Halifax bought them out, or whether they are the repossessor as the largest creditor).

rozeepozee

Is there a place where repos are advertised on the net? Or does anyone know of any good websites please?

claire1978_2

rozeepozee

sorry i dont know of any, i found out about the one im interested in by chance.

claire1978_2

offer has been accepted! :T oh my god! got a hell of a lot to do!:eek:

HOORA

How much did you offer in the end? In which area is the house ?

I got told today when I offered another 15k on top of my original offer that the bank would rather keep it on the market for a year than sell it for what I offered. Hmmm...whatever happened to the legal obligation to get best price for it ?@!!!!

AndyMac_2

Hi there, I'm new to the forum and was hoping I can ask for some advice on this thread rather than start a new one (I know other forums don't like new threads on similar subjects!)

We've had an offer on a repossessed house accepted and the final notice ad is going in the local paper on Thursday, so fingers crossed;)

The EA selling the property on behalf of the broker has told us that the 21 day period to complete / exchange begins once the contract has been 'released' to us rather than when they accepted the offer (last Friday)- is this correct???

Also, is it possible to complete before the 21 days (i.e if everything is in place can it be done earlier) or do we have to wait out the full period and risk other bids?

Hope somebody can help!

AndyMac_2

Sorry, me again! At what point does the 21 day notice begin - is it from acceptance of our offer (only verbal so far) or from when our solicitor receives the contract?

Premier_2

The period normally commences from the point the offer is accepted, but of course it relies on how quickly the sellers legal team take to send out the contract - if they unduly delay that would be a reason to request an extention to the notice period.

AndyMac_2

Thanks Premier!

We've just received a letter from the vendor to confirm that our offer has been accepted and the contract will be with our solictor in the next 72 hours:j

Our survey has been booked and solicitor instructed so hopefully all will be ok (praying that nobody now decided to outbid). Our only concern is that the EA has 'missed' the deadline for the final notice ad (should be today's paper, but the ad deadline was before Monday). we can't decide if she's incompetant (also had other issues) or extending the period in which bids can still be received. :mad: