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Repossession Advice (Buying)
Comments
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You would have thought so, maybe something has come to light from their end maybe another creditor who has an interest in the property has surfaced.
Can you ask your solicitors to ask their solicitors what has happened.
If its not gonna happen then chin up and keep looking.
I was marketing a repo a few years back, got to the point of exchanging contracts when my client discovered the property wasn't theirs to sell, they had the second charge, not the first. Two months later it was back on the market, with the correct vendor in place. Frustrating as hell.0 -
That's the problem - it means nothing really just that someone thinks you should be able to attain a mortgage for the required based on what you've told them - they are not stumping up the dosh themselves and may not even have checked out what you've told them.chris_bond wrote: »motgage in principal I think is the term
On the otherhand, the buyer, if he is to exchange on Friday, already would have a confirmed finance deal in place, and the contract probably says completion would need to be within 14 days of exchange.
If you were to try and purchase, it would probably be another month at least (that's another month's of interest, plus probably default charges, added to the former owners account).
Knowing the difficulty people have in actually obtaining a mortgage nowadays, it would be very risky for a mortgagee in possession to stop a guaranteed sale on the chance of raising an extra £3k a month later - if for some reason you dropped out, the former owner might also be rather peeved at the refusal of the earlier, if slightly less, guaranteed offer."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
£3000 pound would have possibly paid for six months arrears of interest
I actually expected the first bidder to match my bid and I had at my disposal a further £2000 ready to re bid based on the mortgage in principal0 -
Also had they delt with my offer when they recieved it I would be looking at two weeks from now to completion0
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