Day 1 0f 30! Journey into repossessed property purchase.

rizla01

Hi Upsizer.

I seem to notice that you are being pressured from both ends.

Definitely a bad position from which to make a purchase of this magnitude.

Though buyers are hard to find at present, if a developer wants your prop, there must be a good financial reason why. Is your property wanted along with other adjoining props?

He is obviously intending to make a lot of money from you so are you not able to use this to your advantage.I.E. (screw him for more money.:))

Also, when you say other properties in that area sell for £50k more, dont you mean they sold for £50k more? Is that still a current price?
Remember that asking price is invariably not selling price.

Obviously we cannot know your circumstances, or the value of the property that you are buying/selling but in my experience, extra special bargains come at a price and the ones that don't are rarer than honest politicians.

Just dont let the heart rule the head.

Good luck whatever you decide.:)

upsizer

Thanks for the advice.

We have no pressure from our buyer. We have had two other offers at the same price. The investor is not a developer, but a small scale landlord with a few rental properties in the area.

I think what I'm trying to say is that we've gone into this with our eyes open, we realise the pitfalls and on balance could gain a lot of house for the money.

vivatifosi

I bought a house a couple of years back. I wrote to all three major credit reference agencies and informed them that I was the new owners of the house. All three wrote back acknowledging this and offering helpful advice. In keeping with suggestions above they also suggested getting my name on the electoral roll immediately.

upsizer

Thanks Viva, will do!

hethmar

What is the £50k as a percentage of the "normal" price though upsizer?

kdmbudd

Last message in September?

Did this sale go through?

I going to put an offer in on a repo this morning. We sold our house earlier this year. (Agreed sale in May and finally moved out at the end of July), so managed to get out just in time, we are currently living with friends and had been looking at houses for over 12 months.

Found this house last week and when we phoned the estate agents they told us it was a repo, it has already had an offer in that was 'accepted' £25,000 under the asking price but they couldn't proceed as they were in a chain. We are going to offer another £25,000 less as this would put it under £250,000 and so into the 1% instead of 3% stamp duty mark.

With christmas and new year I am worried about a 4 week deadline, but the estate agents said that there would be some leaway due to the time of year. Any more advice would be greatly appreciated.

wall

Hi

I went to view a repo this morning which has been on the market for 6 months and hasn't recieved any offers.

The agent said that its a gamble on repo's with gas and electric, and basically you don't know if they work until you've bought the house and you turn them on!

Is this standard procedure, or is the estate agent required to get the gas and electric checked out?

Thanks in advance..

hethmar

You buy "as seen". Son has just moved into his repo - heating isnt working Various odds and ends need sorting but thats what you have to expect.

icebergx

wall wrote: »

Hi
The agent said that its a gamble on repo's with gas and electric, and basically you don't know if they work until you've bought the house and you turn them on!
Is this standard procedure, or is the estate agent required to get the gas and electric checked out?
Thanks in advance..

This is pretty much the case with all properties, not just repos. Obviously if someone is living in the property, it indicates that the utilities are ok but there's no real way of you checking short of running the tap yourself.

Also, 28 day exchange is what they tell you but if things are moving along and it may take a week or so longer, the repo company can be understanding.

Hectors_House

upsizer wrote: »

Hi there

I think I might be on here a bit in the next few weeks. We have just had an offer accepted on a repo property and now have 30 days in which to exchange!

I wouldn't worry about getting utilities sorted and creditors this early on in things.

I've just started the same process and have been told, even if we get the documentation back to our solicitor before New Year they won't start working on it until the 2nd Jan.

The clock starts ticking from thr day your solicitor starts working on things.

Speak to your estate agent to see if the selling bank are prepared to give any extension seeing as Chrimbo and New Year will impede you getting things done.

Your most important thing is to spend these few days inbetween getting a solid mortgage offer in place (assuming you need one).

We spent yesterday trying to arrange the surveyor but think they're shut for the holidays so we've got our mortgage offer in place and got all the stuff together the solicitor needs and will be hand-delivering that to his office as soon as he opens.

The house we've gone for also has no kitchen so we've made an appointment to get that designed and I've spoken to our estate agent about allowing access to them so they can measure up the room.

He told us that a lot depends on the selling bank being able to see you are getting your end of things in place. In the current climate you stand a strong chance of being chosen over anyone else who may come forward with an offer BECAUSE you have your mortgage in place, have no other property to sell etc.

Most of all you need a proactive estate agent who is on your side, and you need to chase your solicitor to make sure they are working to the deadline.

Good luck!