To buy or not to buy? repo risks

clairedurham

The repo company (witnessed by the estate agents) had the changed the locks already in my repo so its worth asking when (and if) you eventually get the keys. Its nice to have one less thing to do.

Pont

I may be a little of track here but if you're buying a repo or any other property aren't you supposed to be supplied with a HIP report? I've no experience of buying in the UK but in France this report states the condition of boilers, heating systems etc.

poppysarah

clairedurham wrote: »

The repo company (witnessed by the estate agents) had the changed the locks already in my repo so its worth asking when (and if) you eventually get the keys. Its nice to have one less thing to do.

Yeah if you don't mind the risk someone accidentally kept a key... Chances are not - but it's up to yourself how paranoid you get for the sake of a few quid.

Minky2Slice

Pont wrote: »

I may be a little of track here but if you're buying a repo or any other property aren't you supposed to be supplied with a HIP report? I've no experience of buying in the UK but in France this report states the condition of boilers, heating systems etc.

not 100% sure if im correct (someone on here would know) think HIPs are only compulsory from the beginning of 2009?
Even when you pay loads of money to get a Homebuyers report/survey (like we did) if the water/gas/elec is switched off (like in the case of repos) they can't and will not be tested

Pont

I think, maybe wrong, but I thought HIPs were phased in depending on the size of the house (2 bed, 3 bed etc). But it seems UK regs different to France as I was told all the nitty gritty before purchasing.

wees

I found this Pros And Cons Of Purchasing Repo Home Through Bank Foreclosure Auction.I hope it can help you.

http://ezinearticles.com/?Buying-Bank-Repo-Home---Essential-Facts-To-Know&id=751650

never_enough

I know a few people who have bought repos now. A couple have had small problems such as a crack in a plastic bath & a broken toilet (but the whole house was pretty much trashed by previous owners) none have had boiler or electric issues but then the houses were all less than 10 years.

hethmar

You buy as seen. Son has just moved into his repo flat. Heating not working but as the whole block is being overhauled (only 2 years old, a new green heat pump system) it looks like it will be repaired for zilch anyway. Apart from that, the estate agent had changed the locks. The mail box wasnt closing so he changed the lock on that, he had to buy a new entrance key card for a friend who is lodging with him - the agent only had one. That cost £43.

And thats about it really, small repairs to the blinds, filled in holes in plaster where the last lot took the fitted wardrobes. Oh the waste disposal is making a clanking noise, possibly last lot bunged a spoon or something down, but OH will have a look at that when he goes down to see son.

I think you are wrong about the boiler, that sounds like a whole heating system to me and you wouldnt need that.

poppysarah

hethmar wrote: »

You buy as seen. Son has just moved into his repo flat. Heating not working but as the whole block is being overhauled (only 2 years old, a new green heat pump system) it looks like it will be repaired for zilch anyway. .

Oo block repairs for free? Nah, can't believe that. Even the best schemes want £1000 per landlord...

eyreman

I agree I've bought a couple of repo's and unfortunately it is sold as seen. Hence most of the time they are so cheap. Good luck