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100% cashbuyer to buy reposession

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Comments

  • puddy
    puddy Posts: 12,709 Forumite
    I always thought surveys and things were done before the auction? Surely if you are the winning bidder, when the hammer goes down and you are obliged to buy it at the price you bid for it, there doesnt seem much point in having a survey done if you HAVE to buy it at that price???

    what is the case in auctions?
  • bo_drinker
    bo_drinker Posts: 3,924 Forumite
    When it gets to exchange of contracts ask them to knock another 5 k off or you will walk away. Remember if it is a repo you are dealing with the original lending bank not a tenant. It's payback time.
    I came in to this world with nothing and I've still got most of it left. :rolleyes:
  • anniecave
    anniecave Posts: 2,490 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    jenner wrote: »
    I always thought surveys and things were done before the auction? Surely if you are the winning bidder, when the hammer goes down and you are obliged to buy it at the price you bid for it, there doesnt seem much point in having a survey done if you HAVE to buy it at that price???

    what is the case in auctions?

    I don't believe this is/was an auction sale this time. I think the OP is dealing directly with an estate agent from the earlier comments.

    I also thought that sale via auction was legally binding and I still believe that's usually the case.
    Indecision is the key to flexibility :)
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