To buy or not to buy? repo risks

Dumyat

we bought a repo many years ago, and we had problems with legal papers being missing etc, and the Halifax thought we'd like to pay for the replacements! so we threatened to withdraw offer and they paid up. The flat itself though was sold as seen as it were.
Make sure the utilities know you are the new owner. Only by chance I was home one day and managed to avoid the electric cutting us off for non payment...or should I say the previous owners. this was months down the line...and we had an outside meter so if I had not been in would have come home to no power.

have to say it was a good first time buy for us, made us quite a large profit (I know there is no guarantee these days in profit).

hethmar

Poppy, the whole team is working through the flats as the eco heating system hasnt been up to the job

Oh would add, on the upside as no one knows a lot about repos - once bought son found in the paperwork that the previous owner had shelled out £17k for an underground parking place - no one had known about it - nice surprise for him.

poppysarah

If it's being done on insurance from when it was installed wrong/badly - then maybe it is free but otherwise I'd get him to find out for sure. The previous owner might have already contributed perhaps.

hethmar

He has spoken to the team manager and they are getting a part - no cost was asked for

uk_steve

i have now been in a few repos in my area

some are good, some are bad (abit like houses full stop)

i do understand it seems to be normal practice for most repo companys not putting their names on the gas, electric, and boilers central heating etc being in working order

its sold as seen , just like the property auctions i been too really

i think the best attitude to have is always do a lower offer so these things can be done if the worse comes to the worst? At least you have a fund for it

i surpose its just business sence really, dont over stretch yourself for not be able to pay for these things

(sorry it sounds a no brainer but people still dont do this for some amazing reason:embarasse )

all the best