Buying a reprossession house

chugalongzoe

Hi all I have been reading through the reads and have read all sad stories about buying a repossession house and now its all worried me because I have but an offer in for one and waiting to get accepted. Does anyone have any good stories to tell about buying a repossessed house. The 7 day public notice for the house we hoping to buy is up on Tuesday.

poppysarah

Get a fast solicitor.

I've spotted one that says they do auction work - so I'm going to get a quote off them - presumabl they are fast.

Tiger_greeneyes

If you're feeling bad about buying a house that someone else has lost, then try to look at it another way - the sooner their house gets sold the faster their debts are paid off. The interest they owe accrues on a daily basis, imagine how much that would be if the house was on the market for another six months? Buying a repossessed house can be looked at as a positive step, nobody wants things like that hanging around their neck for longer than is absolutely necessary.

chugalongzoe

Thank you both for your response. I do feel for those people who have lost there houses because I've been through it myself but a different reason. I just worry that if my offer is accepted that someone else may come up with a higher offer during the 28 days which I didn't know they could do. poppysarah you said you going to get a fast solicitor are they are online? If so could you let me know who they are so I can look it to it too.

poppysarah

It's a local one to me - they advetise in the local property paper saying they do auction work -
You just need to ring your local solicitors and ask how much they charge and whether they can help rush through if it's a repo for you.
I assumed that the time on auctions is the same as on repos that they are used to working to deadlines.

I can tell you if you like but they're in Oldham

archie9uk

I bought a repossessed house last year. It all worked out fine in the end, and we got a great house at a price we could afford. Our solicitor was super-fast - all done in about 10 days. However, the mortgage company took ages and gave me many sleepless nights. I was terrified of losing the house and it was the most stressful month of my life. I certainly wouldn't want to go through it again...

besonders1

Tiger_greeneyes wrote: »

If you're feeling bad about buying a house that someone else has lost, then try to look at it another way - the sooner their house gets sold the faster their debts are paid off. The interest they owe accrues on a daily basis, imagine how much that would be if the house was on the market for another six months? Buying a repossessed house can be looked at as a positive step, nobody wants things like that hanging around their neck for longer than is absolutely necessary.

I would imagine that you would be doing the original buyers a favour by offering now so they can pay off their debts now rather than later before the market gets worse. I might get told off for saying this but if the worst came to the worst and the prices dropped further to half of what they are today then the owners will be in deeper negative equity.

AnnaMonkey

Good luck to you! I completed and picked up the keys to the repossesion I just bought on Friday (yaaaaaaaaaaay!!!!!). It's my first place so i'm not sure how the stress levels compare to other properties, but my solicitor was good and kept on the case, our mortgage broker was the same, and the EA was very nice too. We were very lucky but also very organised. If you get everything you could possibly need together then at least if it falls through it's not your fault.

Hectors_House

chugalongzoe wrote: »

Hi all I have been reading through the reads and have read all sad stories about buying a repossession house and now its all worried me because I have but an offer in for one and waiting to get accepted. Does anyone have any good stories to tell about buying a repossessed house. The 7 day public notice for the house we hoping to buy is up on Tuesday.

Get a fast lawyer. Make it clear to them it's a repo.

If you need a mortgage make sure you have one in principle and if your offer is accepted chase the mortgage provider, again make it clear it is a repossession.

We were lucky to have a great financial advisor who chased the mortgage lender for us, and our solicitor was waiting in the wings ready to go as we'd used them in a house purchase last year that fell through.

Also keep in touch with the seller's estate agent so they can feed back that you are working at your end to get everything in place.

Evidence of wheels being in motion is what the seller wants to see, and it will, hopefully make them continue with you even if someone else pops up offering them more money.

Good luck!

Tiger_greeneyes

Hector's House has just raised a very important point - that is to keep on top of proceedings and keep all lines of communication flowing smoothly. It might mean you regularly need to contact your mortgage company/financial advisor, the estate agent and your solicitor to make sure every base is covered but it's essential. Maybe make a point of calling on Mondays and Thursdays (that's what I do) but it's worth the phone bill when you've reached exchange/completion.

Deals can easily fall through due to lack of communication.

It might be worth asking your solicitor about insurance - if it does fall through you can get your fees back.