Is this good progress when buying a repo?

woody252506

Me and the gf had our offer on a repossessed property accepted. When it first went onto the market 8 months ago it was for sale at £129k.

Since then its been reduced a lot and we had our offer of 100k accepted on Tues

The sellers want to complete in 28 days.

As of today we have passed on our cheque to the solicitors along with all our proof of identity. We are signing the revised mortgage amount documents tomorrow and paying for the survey then aswell. The EA called yesterday saying they would ideally like to have the survey done by our lenders by next tues at the latest. Our mortgage contact in branch is pushing so this can be arranged.

Is this good progress so far in terms of buying a repossession??!?! We are FTB!!!!:eek::cool:

missile

I hope it values up to the mortgage offer. Since there are no chains, assuming you have an eficient solicitor, it should be a straight forward and speedy transaction. I do not see what difference it being a repo will make to the process.

princessamy86

Very good progress, just cross your fingers you don't get gazumped, that's the downside of a repo. However, the quicker you are ready, the quicker you can exchange and secure it for yourself. Good luck!

woody252506

Thanks for your replies!

Fingers crossed all the way now for us

AlecE

Apologies for hijacking your thread slightly but would I be right in saying that with a repo, exchange and completion would (could) be simultaneous?

Just curious...

Alec

princessamy86

Yes they could be simultaneous, as with any house sale.

karenthemummy79

Hi - Congrats on getting the repo!! I am currently in the process of buying one too and just wanted to warn you to expect the unexpected!!!

It sounds like everything is going well to begin with - which is how it went with us! We had the offer accepted, did the mortgage app straight away - it got sent off on the Tue and the Surveyor was out on the Thurs!!! Very quick!!!

We were supposed to exchange contracts on Thursday (that was the 28days!) but it was discovered on Wednesday that there is no NHBC certificate or Architect certificate for the property, so after doing some homework myself (be prepared for that too!!!) I discovered that the architect has never done his final certificate because the council building control have never signed the house off!!!!

We have got both of them going to the property on Monday and hopefully this can be resolved but it is all at our expense and if there is any work needs doing - this will also be at our expense, before exchanging contracts!!!

Dont mean to be negative but just wanted to be realistic and warn you of the fact that with a repo you are very lucky if things run smoothly because you are dealing with a company that have little knowledge about the house.

Has anything been removed from the property?? kitchen etc?? Ours has so we have a condition on our mortgage that we have to install the boiler and make the kitchen habitable (sink and tap) between exchange and completion.

Good luck - I hope it runs smoother than mine! We also dont have alot of the keys so are having to have all the locks changed - find out if the repo company has changed the locks because if they havent, it is advisable to get them changed when you complete as anybody could have a copy!!

Running_Horse

AlecE wrote: »

Apologies for hijacking your thread slightly but would I be right in saying that with a repo, exchange and completion would (could) be simultaneous?

Just curious...

Alec

Repo thread police here. Apologies for hijacking your hijack:
http://forums.moneysavingexpert.com/showthread.html?p=21588189&highlight=#post21588189
Search button is a wonderful thing.

woody252506

karenthemummy79 wrote: »

Hi - Congrats on getting the repo!! I am currently in the process of buying one too and just wanted to warn you to expect the unexpected!!!

It sounds like everything is going well to begin with - which is how it went with us! We had the offer accepted, did the mortgage app straight away - it got sent off on the Tue and the Surveyor was out on the Thurs!!! Very quick!!!

We were supposed to exchange contracts on Thursday (that was the 28days!) but it was discovered on Wednesday that there is no NHBC certificate or Architect certificate for the property, so after doing some homework myself (be prepared for that too!!!) I discovered that the architect has never done his final certificate because the council building control have never signed the house off!!!!

We have got both of them going to the property on Monday and hopefully this can be resolved but it is all at our expense and if there is any work needs doing - this will also be at our expense, before exchanging contracts!!!

Dont mean to be negative but just wanted to be realistic and warn you of the fact that with a repo you are very lucky if things run smoothly because you are dealing with a company that have little knowledge about the house.

Has anything been removed from the property?? kitchen etc?? Ours has so we have a condition on our mortgage that we have to install the boiler and make the kitchen habitable (sink and tap) between exchange and completion.

Good luck - I hope it runs smoother than mine! We also dont have alot of the keys so are having to have all the locks changed - find out if the repo company has changed the locks because if they havent, it is advisable to get them changed when you complete as anybody could have a copy!!

Thanks for that.

They have left all that you would expect and for a repo it was in good condition. Kitchen all there, fire, boiler, carpets and bathroom all in respectable condition so fingers crossed!

Some downer news today though. Someone in a chain has offered the asking price, 5k above our accepted offer but we are FTB.

Their offer will be forwarded on Monday and the EA has said they want us to get it as we can proceed quicker and they dont like the idea of the way repo's work but they cant do anything about it. Our solicitors and the sellers solicitors have already exchanged everything they need to. We are just waiting for a survey to be successfully completed next week so we can formally be offered the money to buy.

We are nervous now, I am keeping positive though as we are in a good position and only 4 days have passed from our offer been accepted and we have managed to sort the solicitors out and get everything else moving now too. Fingers and everything crossed they reject the other peoples offer and stick with us!

karenthemummy79

Hi - yes it sounds like the house is in very good condition! Did you still get it at a really good price then??

I hope they stick with your offer!! Although, the company have to be seen to be getting the most for the property as possible to repay the debt but the do have to take circumstances into account. I would probably expect them to come back to you though asking you to increase your offer!! Can you afford to??

Good luck!!!

woody252506

karenthemummy79 wrote: »

Hi - yes it sounds like the house is in very good condition! Did you still get it at a really good price then??

I hope they stick with your offer!! Although, the company have to be seen to be getting the most for the property as possible to repay the debt but the do have to take circumstances into account. I would probably expect them to come back to you though asking you to increase your offer!! Can you afford to??

Good luck!!!

We got it nearly 30k less than when it was first put up or sale 8 months ago.

I hope they do too, as I said we are FTB and the people who have met the asking price which is 5k above our accepted offer are in a chain and have only just sold theirs.

We probably could stretch but dont really want to unless we really have to! Anyone else any throughts?