MONEY MORAL DILEMMA: Would you buy your neighbours’ repossessed house?

mothershipton

yes, i would, in fact my friend and i were discussing this very issue yesterday

JayScottGreenspan

philoio wrote: »

It is in your neighbours best interest if you do by it. As they either have a quick sale and therefore slightly lees repossession fees OR if you are not the only bidder you may be pushing the price up.

Exactly. Would they rather sell it at auction to a stranger for £150k, say, or would they rather you bid it up to £170k?

adampj

Yes, I would purchase it - It's regrettable in terms of the circumstances, but if you don't buy it somebody else will, even worse, a money grabbing company may purchase it and make a good profit margin - better for the end consumer e.g the general public, in these times of need. :rolleyes:

Kavanne

stephb34 wrote: »

My poor friend is having to sell her house due to her husband running off with another woman (using the term woman loosely dont know if im allowed to put slapper). She can't afford all the mortgage on her own and he's refusing to pay his half or support his child so her only option is to sell or have it repossed, so we're thinking of buying her house off her and letting her rent it back so she still has somewhere nice to live, but this is pulling with my conscience, feel like we're profitting out of her misery, but then think at least she's still able to live in the lovely house she's had nearly 20 years.
By the way she's been to court he's signed to pay but is now refusing she cant physically extract the money out of him how does that work, she cant afford to go to court again or pay anymore solicitors fees, im gutted for her.

You need not profit... charge her mortgage + a little bit for maintenance (put into savings). As she will be your tenant so you are responsible for fixing any problems. And also make sure you get a formal AST

Dorrie

Yes I would buy it if it suited my family situation at the time.

I would, of course, have sympathy for the family, although how much would depend on what effort they had made to get financial help - i.e. seeing a debt counsellor. As a Debt Advisor and a Money Coach I have seen and heard various stories where people just basically bury their heads in the sand, and also run up enormous debts through stupidity (i.e. buying what they cannot afford) although in this case, it does say the husband lost his job.

pennypinchUK

Yes. I don't know them, they don't know me. It's a straight, albeit touchy business transaction. Anyway, we Brits don't tend to broadcast our financial affairs, so I'd probably not even know they were in financial difficulties.

charlie61_2

Most definately yes.

If they're anything like the neighbours I've got now, they would have gossiped about me behind my back at some point anyway, that's what people do. And if the boot was on the other foot I'm sure they would have no qualms about buying mine. No guilt felt from me unfortunately

mick_s

Yes.

We bought our first house 21 years ago from some good friends the day before it was repossessed - at a very good price.

JayD

Yes, I'd buy it.

By the time it's got to the 'selling on' stage, there is no longer any hope of the previous owners regaining possession of it. It is no longer their property and it is going to be sold on. So there is no sense of guilt here.

If it is a property that matches the spec I have long been looking for and is now at a price I can afford, I would buy it.

MrDT

At the right price, sure