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buying a bank repossesion property.
Comments
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One of the things to look out for, when buying a repossession property, is a defective title.
People have been buying properties using self certification about income and there has a been a lot of dishonesty about in the market place, I feel.
Suich things as:
Income statement dishonesties.
Valuation dishonesties.
Irresponsible granting of mortgages.
Bank staff not acting in the best interests of the bank.
Solicitors not registering titles properly - as many as 15-25% of ALL UK titles have defective registration.
Repair work cheating and bodging.
There is a property minefield out there. Take good care and trust nothing and one.0 -
Hi all thanks for the great tips.
I have discovered that in July of 2005 the house sold in good order for £340k. It's now pretty rough inside needing around 25k spending on it. It's on for 269k, allowing 25k for repairs that brings us to 315k, with 16% off for price drop that brings us to 265k. I wonder if we stand a chance at 230k??0 -
Mate it doesn't cost you a thing for putting an offer in.....but make sure you have funds in place etc to get the reaction you want!
I would go for 210If you find yourself in a fair fight, then you have failed to plan properly
I've only ever been wrong once! and that was when I thought I was wrong but I was right0 -
If this doesn't sell to you/ someone else soon I am sure it will end up in auction where it will be even cheaper. I would advise - think of your cheekiest offer ever - say even £190k - and then take a deep breath, wear a smile and call them. Explain you are in a proceedable position and see what happens. If you want it - go for it!0
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