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Risk when buying a home that has been repossessed
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Timeslip
Posts: 1 Newbie
5 weeks ago we offered an amount for a flat that had been repossessed, which was accepted by the repossession company. We were however informed that if anyone came forward with a better offer they would get the flat, we accepted this risk.
We are putting down a heafty deposit 74% of the total cost. The money has been ready and available for 3 weeks. We have paid for a survey of the property and building society costs to secure the small mortgage. We have also paid for part of the solicitors fees. All we have ben waiting for for the last fortnight is the bank to send the contract for the flat.
Yesterday we received a phone call from the estate agent stating that the bank has instructed that the property is to be offered at auction in 30 days time.
We cannot believe that, as a buyer with no chain or finacial hold ups, that we do not have any rights
1) to secure the purchase of said property and 2) to be reimbursed for costs incurred.
Surely this means that banks could intentionally abuse their position and take advantage of buyers.
We are putting down a heafty deposit 74% of the total cost. The money has been ready and available for 3 weeks. We have paid for a survey of the property and building society costs to secure the small mortgage. We have also paid for part of the solicitors fees. All we have ben waiting for for the last fortnight is the bank to send the contract for the flat.
Yesterday we received a phone call from the estate agent stating that the bank has instructed that the property is to be offered at auction in 30 days time.
We cannot believe that, as a buyer with no chain or finacial hold ups, that we do not have any rights
1) to secure the purchase of said property and 2) to be reimbursed for costs incurred.
Surely this means that banks could intentionally abuse their position and take advantage of buyers.
0
Comments
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As no contracts have been exchanged, either side can pull out with no liability to the other party. The Bank must feel they can get a better price for the property by going to auction. There is nothing stopping you bidding for the property at the auction."You were only supposed to blow the bl**dy doors off!!"0
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With any luck you'll get it for less as well0
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