Repossession

jodiebabes

Hi,

Me and my partner have found a house we really love.

We think it may have been a repossession - the taps and toilet are taped up in the bathroom (unsure why the do this in repossessions?) and there is a notice in the window on about chattels and a 14 day notice.

Just wondering if this is a good sign and whether you think we might be able to get a bit of a bargain?

Thanks

Hectors_House

Hi jodiebabes

I'm in the process of trying to buy a reposession at the moment.

Yes, taped up toilets etc. are a sign of a repo, as is the note posted in the window.

Because all the amenities have been closed off it means all the water has drained away so the tapes are as much about stopping little Johnnie trying to have a widdle in the toilet whilst his folks are looking the place over.

In our case the kitchen has been ripped out, which can make a place unmortgageable but our advisor has told us today that it will mean the mortgage lender (assuming you need a mortgage) will put a stipulation on lending to you that a kitchen is fitted within a specified time.

We've used the lack of kitchen to get the price reduced.

We were told, should our offer be accepted the property will be listed in the local press for seven days to see if they can invite a better offer then ours. I've read elsewhere here that the first 4 weeks the property is on the EA's books they have to try to get the valuer's full asking price. Then it comes down to getting what the market will dictate.

As to bargains? You won't know until you try!!

If we get our offer accepted it will be a reduction of £20 on the original asking price which sounds about right for the current market. I don't know how long that will stave off negitive equity for me but at least it only means me having to borrow 2x my earnings.

Good luck!

dopester

jodiebabes wrote: »

Hi,

Me and my partner have found a house we really love.

We think it may have been a repossession - the taps and toilet are taped up in the bathroom (unsure why the do this in repossessions?) and there is a notice in the window on about chattels and a 14 day notice.

Just wondering if this is a good sign and whether you think we might be able to get a bit of a bargain?

Thanks

I read a convincingly logical explanation for why they do that a while ago, and remember thinking "of course", but have totally forgotten what it was. :mad:

jodiebabes

Thanks for your replys - did you mean a £20k reduction though? Ha. Hoping to get the house down a bit. The kitchen is intact so thats good news for us when getting the mortgage. Going to view it properly next week as only seen it on Rightmove and been outside a couple of times.

The taping up makes sense now. At first thought it had never been lived!

Thanks

PasturesNew

They drain the systems down to stop the original family moving back in and to try to keep squatters out. Additionally, if the place is robbed (either by the previous owners, or just somebody who knows its empty) and they rip out all the piping/boiler, then the place won't flood and be blown up (gas on the loose).

So everything's drained for safety and extra insurance nothing overly bad will happen.

Hectors_House

Oops! LOL!

Yes, I meant a £20k reduction.

To be honest our advisor said that if you can actually raise a mortgage the banks holding these repos will snap your hand off cus they need to get them off their hands and get some cash in their coffers.

The only phone calls that came through to the office whilst we were there were from people living next to repossessions phoning in to say they'd been broken into.

Hectors_House

PasturesNew wrote: »

They drain the systems down to stop the original family moving back in and to try to keep squatters out. Additionally, if the place is robbed (either by the previous owners, or just somebody who knows its empty) and they rip out all the piping/boiler, then the place won't flood and be blown up (gas on the loose).

So everything's drained for safety and extra insurance nothing overly bad will happen.

Good clarification there PasturesNew.

The place we are interest in has a ugly big lock screwed into the french windows but that's a small price if the rest of the house is sound.

Cat695

If they accept your offer (which they probably will)....the house will stay on the market UNTILL you have exchanged contracts....so the sooner you can move forward the better

(an estate agent told me that TODAY.)

Zelie

I'm learning lots from this thread already - but can someone clarify why having no fitted kitchen means a property is unmortgageable?

~Chameleon~

Can I just make a point that often seems to be overlooked by people seeking a bargain on a repo house. It's all well and good trying to beat down the price but just give a thought to those poor families who have not only been kicked out of their own home but then also have to pick up the tab for any shortfall between sale price and what they owe on the property.

They can often remain in debt to the bank/BS for several thousands of pounds despite having already lost their home.

Cat695

~Chameleon~ wrote: »

Can I just make a point that often seems to be overlooked by people seeking a bargain on a repo house. It's all well and good trying to beat down the price but just give a thought to those poor families who have not only been kicked out of their own home but then also have to pick up the tab for any shortfall between sale price and what they owe on the property.

They can often remain in debt to the bank/BS for several thousands of pounds despite having already lost their home.

so what your saying is get the family that is buying (who obviously need to look for a repo property because of money restraints) to foot the bill for the family (for what ever reason)who can't pay their debt back?