Reposession

Jaykay7

:j Hey all

I am currently trying to purchase a repossession. It's not in great condition & would need quite a bit of work. It's been on the market since aroung Aug & was up at £132, 000. Subsequently it was reduced to £122, 000 around 3 months ago. I had an offer accepted of £115, 000 around 2 weeks ago, but it was advertised in the paper & there was another 3 offers, 2 first time buyers & a cash buyer. How far will a cash buywer go?

I have found that the EA & repo company are being extremely awkard in supplying information & seem to be messing us aroung quite alot.

How far should I go with this? I have found it very hard to deal with & it's begginning to turn into a nightmare with the thought of being gazumped!! I have'nt paid any fee';s as yet & have upped my offer which has also now been accepted & the others refused.
Do the EA have a habit of trying to scupper deals to get a better price.

How quickly can my solicitor draw up the details & exchange once I have my mortgage offer? I really want to get this through asap.:T

Any help or advice would be appreciated

TopKat*1

Im in the same position JayKay, we have been watching a house that last sept was 185k then it was reduced to 175k then at xmas to 165k, we knew it was a repo but until it was at 165k it was out of our price range.Anyway estate agents started to push it on us as soon as it was 165k so we went to have a look, i really liked it so we offered 140k that was rejected waited a month and offered 145k which they accepted. Anyway they had to advertise it on a 7 days notice basis (which is different from a public notice, with this after the 7 days they decide what offer to accept and thats it, with a public notice someone can gazump u right up to exchange so it is important u need to find out what process they follow) now estate agents say there are other interested parties, but we are not going to increase our offer. The housing market is in trouble so its a waiting game i feel.

poppysarah

TopKat*1 wrote: »

7 days notice basis (which is different from a public notice, with this after the 7 days they decide what offer to accept and thats it, with a public notice someone can gazump u right up to exchange so it is important u need to find out what process they follow) .

Now that's very interesting ... will bear this in mind if I go near a repo again and ask..

ajay_182

Just look at repos as a gamble. They seem like very good deals, and I believe most of them are. However, be very careful. Im learning that the fact that EA's have to get the best price, which i understand why, it gives them a good angle to get more money, play buyers off each other and cause all kinds of problems. Be prepared to loose your soclicitors and survey fees. if you can take that knock, then go for it, the worst that can happen is your fees are gone and you have no house. Be cunning yourself about it. Be prepared to call their bluff and if you do want it, chase everything daily. I wish I had done it. Phone your solictors, mortgage company, surveyors, EA's, everyone concerned daily and be firm. get updates, if something is stalling ask why and get an answer. If you do this and have everything in place, you could complete within 3 weeks if you havent got to rely on selling your own house. Good luck!