Buying a Reposession - bargin or nightmare?

MKPhil05

We're contemplating moving and had our two-bed flat valued in Feb at £130k. The other week we spotted a 3-bed house on our street up for sale for £135k! Problem is it was a Reposession (eviction notice still up on the door - "You have 14 days to leave" and all that) and the place is an absolute tip! Windows are broken, there's loads of junk in the back garden and who knows what the interior is like (worringly no photos are on Rightmove)! We estimate it could take £10k-£15k to fix everything up - however similar properties are on the market for around £160k-£170k so we could be on to a winner...

We just wanted to pick the collected brains on the forum and see what experiences people have had buying a Reposessed house...

Would the bank (or whoever) arrange for the clearance of all the rubbish left behind?
If we had to clear the rubbish and the old owner returns looking for their stuff what is our legal position?
What do we need to look out for when buying a Reposession as opposed to a "normal" house?

eco-friendly_2

The property will be 'sold as seen' which means there will be no warranty given on heating, electrics etc, it will be up to the new buyer to clear any rubbish. After the 14 day notice the previous occupier will have no claim on any items which are left in the property.

It might not make the £135k asking price, probably a bad time to put your flat on the market if there's a wreck in the same street, I would wait until it's been sold and refurbished.

GDB2222

People being repo'd do sometimes vandalise their home deliberately, eg pour cement down the toilet or something daft like that, so you'll need to look around very carefully and check things you would not normally check.

However, your biggest problem is that you will need to have sold your flat before the lenders will take your offer on the repo seriously. As it's not on the market ....

Running_Horse

You could try using the search button, or follow my links to infinity:

http://forums.moneysavingexpert.com/showthread.html?t=1579749&highlight=

We really need a sticky round here.

jungli_jim

however similar properties are on the market for around £160k-£170k so we could be on to a winner...

Exactly similair properties are on RM because they have not sold. The asking price is irrelevent take at least 15/20 % off to achieve a sale this brings those habitable fixed places down to 135/140K.

If you want it fine, but allow 15K to fix up and offer no more than 120K....Oh sell your own place first

Entertainer

philcooling wrote: »

We're contemplating moving and had our two-bed flat valued in Feb at £130k. The other week we spotted a 3-bed house on our street up for sale for £135k! Problem is it was a Reposession (eviction notice still up on the door - "You have 14 days to leave" and all that) and the place is an absolute tip! Windows are broken, there's loads of junk in the back garden and who knows what the interior is like (worringly no photos are on Rightmove)! We estimate it could take £10k-£15k to fix everything up - however similar properties are on the market for around £160k-£170k so we could be on to a winner...

We just wanted to pick the collected brains on the forum and see what experiences people have had buying a Reposessed house...

Would the bank (or whoever) arrange for the clearance of all the rubbish left behind?
If we had to clear the rubbish and the old owner returns looking for their stuff what is our legal position?
What do we need to look out for when buying a Reposession as opposed to a "normal" house?

This is your biggest challenge.

terryw

GDB2222 wrote: »

People being repo'd do sometimes vandalise their home deliberately, eg pour cement down the toilet or something daft like that, so you'll need to look around very carefully and check things you would not normally check.

..

This is so true. I just can't understand why some people do this. They must realize that they will be chased for the shortfall and it is in their best interests to leave the property in a condition to sell as quickly as possible. Eventually the lender will catch up with them.

terryw

1984ReturnsForReal_2

How much does a copper tank, copper water pipes, lead flashing, light fitting & fixtures, kitchen units, a bath set & internal doors get for scrap today?

1984ReturnsForReal_2

terryw wrote: »

This is so true. I just can't understand why some people do this. They must realize that they will be chased for the shortfall and it is in their best interests to leave the property in a condition to sell as quickly as possible. Eventually the lender will catch up with them.

terryw

Not if they go bankrupt..

Turin_Turambar

GDB2222 wrote: »

People being repo'd do sometimes vandalise their home deliberately, eg pour cement down the toilet or something daft like that, so you'll need to look around very carefully and check things you would not normally check.

However, your biggest problem is that you will need to have sold your flat before the lenders will take your offer on the repo seriously. As it's not on the market ....

Thanks for the advice