First time buyer buying a repossed property please advice

jswaminathanuk

Hello,
I am a first time buyer and saw a property which I am very much interested in. this property is opposite to where I am renting at the moment.
This property is in market for almost 2 years now. Originally it was for 124K now down to 105K.
I think water, gas and electricity is disconnected in the property. There is some damp or condensation in bathroom/bedroom wall. No white goods or curtains or furniture. Bathtub and shower needs replacement. Otherwise it seems to be alright.
Last owner bought this property in Feb 2005 for 110K. He has done rewiring and changed heating system. Selling party will not do any work on property. This property is on leasehold.
I am sure no one has gone to see the property in last 2-3 months.
When I saw the property Agent used usual tactics like another party is interested and they are putting an offer etc.

I got a quote from hsbc as they are one of the best. And put an offer of 88K. (considering I have to spend 4K before I can actually move in).
I also told them that due to credit crunch I am happy where I am it was that I love where I live and considered it. If this doesn't click I will not buy anything else.

Today I went to see estate agent's financial advisor and I was told that my offer of 88K is rejected I asked for party’s expectation but they declined.
Quotes from Financial advisor (who pretend he has best offers in the world) were nowhere near hsbc offers and then they started bullying me like.
Seller wants to sell to a party who takes mortgage from them (EA's financial advisor). He was telling me to put an offer for100K+. He also says as the property is with a company who deals with repossession they take a week to come back on offer. He was also telling me the world is lying and actually property market is in great shape. And I was telling him that if I don't buy this property then this will go in auction and selling party will lose on interest + other expense, they might end up having auction of this property(midland based) in London and I can buy this for 70K from there.

However I have increased my offer today to 90K

MY plans are that if we get this property for fewer than 95K then we will buy as monthly instalments will be just above rent.

Can I ask my fellow MSEs to give me advice on following point

1) how to stop my estate agent to bully me and bring them towards my offer prize and on terms like I will pick mortgage of my own choice without upsetting them. How can I make sure that they genuinely forward my offers?

Is there anything I need to keep in mind when I buy a reposed property and any idea about the expenses to reconnect utilities in that flat? (Assumed it is disconnected)
Any other tip much appreciated
Thanks for reading.

Doozergirl

Tell him that if the actual mortgage company selling the repossession knew that he was saying that they want people using his mortgage services then he would be out on his backside! (perhaps not in his words!) They have to legally show that they've obtained the best price for the proeprty - that would be seriously compromised if people prepared to pay good money were put off by feeling forced to use a non-competitive mortgage deal.

Also, that you are aware that you can get details of that mortgage company from the Land Registry for the cost of £3.

And that you will expect a Notification of Offer for each offer made to confirm that each offer has been put forward according to the processes involved in selling a repossession (the Notification will aslo detail either the mortgage company or the repossession agent they are using.

In fact, I suggest you ask to speak directly with the Sales Manager of the branch and deal with them instead. Perhaps they work a little more ethically.


If you aren't moving in straight away then there won't be any cost involved in reconnecting the utilities. They like a few days notice otherwise might charge for an emergency call out. They will be disconnected if it is a repo.

Other tip - you sound like a smart cookie, don't back down