House purchase becomes a repo!

GDB2222

The OP is effectively back to square one. The original owners no longer own the property to sell it. The property is now owned by the mortgagees, and they will probably instruct completely different sellers. They will instruct their own valuers to value the property, and they will start from scratch with marketing it. They may never even get to hear about the interest that the OP has shown in the property. In any case, they may decide to auction the property.

I think it is a bit late for the seller to go to court and get the repossession suspended on the grounds that the sale is imminent. I imagine that if that was possible it would have been done, so presumably the amount outstanding on the mortgages is more than the OP was offering for the property.

The long and the short of it is that the OP should go and look for another property. This one may come back on the market, but it is quite likely to be with a different agent, with a different asking price.

RAS

JFC wrote: »

As the previous owners had a lot of debt, will that mean that for a while the address will be on a bad creditors list or will it immediately vanish as soon as the house is sold?

Credit records are attached to individuals not to properties.

JFC_2

Thanks for that post RAS. I wondered as If you share a house with another person and that person has a bad credit rating, whether it would adversely affect your rating too just for sharing an address. You have put my mind at rest.

hethmar

No, as long as you get your name on the electoral register as soon as possible, there wont be a problem.

Darth_Marty

silvercar wrote: »

The solicitor for the seller should be going to court and getting the repossession suspended on the grounds that a sale is iminent.

Thats what they should be doing for sure. All depends on amount owed and personal circumstances though.