Repossession

~Chameleon~

Cat695 wrote: »

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?

No, not at all. Just saying there are always two sides to every coin and everyones gain is someone elses loss. Just don't think everyone appreciates exactly who is on the losing end the majority of the time when a repo is undersold. A lot of people assume it's the banks and BS's, but often it's not.

Hectors_House

~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.

Point taken. However the property I'm interested in doesn't appear in house sales stats from 2000 onwards. And, because of this I'm sure their mortgage would have been for LESS then I'm now offering (their neighbouring houses were selling for as little as £25k in 2002).

So if the family have got into difficulty after releasing the large equity and spending it I don't see why I should have to pay that back to their lender for them.

I'm interested in paying for the bricks and mortar.

I'm not interested in paying for someone else's new car, foreign holidays, putting the money into a failed business etc.

~Chameleon~

Hectors_House wrote: »

Point taken. However the property I'm interested in doesn't appear in house sales stats from 2000 onwards. And, because of this I'm sure their mortgage would have been for LESS then I'm now offering (their neighbouring houses were selling for as little as £25k in 2002).

So if the family have got into difficulty after releasing the large equity and spending it I don't see why I should have to pay that back to their lender for them.

I'm interested in paying for the bricks and mortar.

I'm not interested in paying for someone else's new car, foreign holidays, putting the money into a failed business etc.

Point taken here too

Hectors_House

~Chameleon~ wrote: »

Point taken here too

No worries.

I maybe should have explained I'm not looking at lower prices cus I'm trying to pick up a bargain. It's all I can afford.

My own concerns about it being repossessed were somewhat put to ease when I realised it had been 'owned' by the family for so long it didn't register on the house sale stats that cover these recent (2000 - 2007) years of excessive prices so their mortgage was likely to be no more then £30k at the most.

The bank repossessing initially asked £95k so we sat and watched it until it started to fall in price.

What happened to the extra tens of thousands of pounds is anyone's guess but I'm afraid I don't want to be the mug paying it back. LOL!

lindos90

We looked at a property like that in july, no idea until we got there that it was a reposessed house, toilet and gas fire taped over, hob, oven and boiler ripped out (?by previous owners)

I felt very sad about the family (well still do really) there were still kids pictures on the wall, and I felt we would be cashing in on someone elses misfortune. I was even told that we may 'inherit' the bad debt history from the address and have difficulty clearing our records (later found out from this site that was incorrect advice)

EA said that if our offer was accepted that the bank would expect us to complete within 28 days or it would be put back on the market. I wonder if anyone knows if this is a standard practice or perhaps a policy of the bank in this case? It would be silly to prevent a sale going ahead just because paperwork was being held up, especially with so few prospective buyers.

Never heard of the '7 day publicity for a higher price' , the EA didnt mention this.

We weighed the pros and cons, and thought we would be unlikely to get our house up for sale, get it sold and complete in time, so didnt go through with it.

3 months on, and three houses on our road have sold, and the reposessed house is still on the market, we could kick ourselves!!

GDB2222

I was even told that we may 'inherit' the bad debt history from the address and have difficulty clearing our records (later found out from this site that was incorrect advice)

The postcode can get a bad credit rating.

It's rather like my dear MIL, who managed to write off three cars in her road - all in one deft reversing manoeuve! As her house is the only one in her postcode, her motor insurance premiums went through the roof.

abby1234519

How do you find properties like this? Where do I find them from!!

Cat695

abby1234519 wrote: »

How do you find properties like this? Where do I find them from!!

ask an estate agent......look on rightmove

You can normally tell (though not always 100% proof) look at the pictures and look for tell tale signs like.....place needs some work....personal stuff left behind....house looks in a bad state.....walls been painted black.....no onward chain.....

Though they are not always like that but gives you an idea

abby1234519

ahhhh because next year we'd like to buy somewhere that needs tlc, don't mind i just like decorating and i trained as a plumber with my dad for a while
i am a hands on girlie!

Cat695

abby1234519 wrote: »

ahhhh because next year we'd like to buy somewhere that needs tlc, don't mind i just like decorating and i trained as a plumber with my dad for a while
i am a hands on girlie!

I'm the same (though not a girlie lol)

I was chatting to an EA yesterday and when i mentioned i don't mind repossessions (to many sssss's hehe) his eyes lit up...hell knows why


Its seems if you can move fast with the mortgage etc you could get quite a bargian but you do need to check what the previous buyers bought the house for (use http://www.nethouseprices.com/) and you can then use that to know what to offer