Buying a repossession - eviction date next week

ingram62

Hi

I have been given the chance to purchase a property that is being repossessed but the eviction date is on tuesday.

Is it too late to stop the process, I can pay cash.

All help appreciated.

Regards


Elaine

PasturesNew

You are unclear... what are you trying to achieve?

Who are these people that are being evicted to you?

Do you require a mortgage?

How can you guarantee you would get the house and not somebody with more money?

ingram62

Hiya

I dont know the person who is being repossessed.

She has contacted a company who passes on the leads to cash buyers, looking for help, as she is being evicted on Tuesday.

Before I make contact with her, and give her false hope, I wanted to know if there was still time to stop the repossession if an eviction date has already been set.

Thanks


Elaine

Emmzi

if you purchase before tuesday, yes

but you'll be taking a gamble. one working day doesn't seem long enough to get survey, searches etc done, so you will to an extent be buying blind.

It would be technically possible to get security etc released *if* the current lender doesnt have the paperwork in archive files far, far away...

It may be that the lender would be prepared to stall the process with your intention noted, but frankly, if I were the bank, I wouldn't. It takes forever to get to reposession, I wouldn't want to start over again if you don't come through.

clutton_2

phone the lender on monday morning

silvercar

HAve a look on singingpig.co.uk. Plenty people over there claiming to do what you are trying.

PasturesNew

It all sounds to me like people are going off half-c0cked to be honest....

Is this another bunch of sheeple chasing some dream they read about, without research...?

GDB2222

ingram62 wrote: »

Hiya

I dont know the person who is being repossessed.

She has contacted a company who passes on the leads to cash buyers, looking for help, as she is being evicted on Tuesday.

Before I make contact with her, and give her false hope, I wanted to know if there was still time to stop the repossession if an eviction date has already been set.

Thanks


Elaine

I hope you didn't pay a lot for this lead. Really, it's a matter for the evictee's solicitor to get the process stopped. Whilst it can be done in some cases, this is an incredibly tight time-scale. Are you sure the eviction is taking place on Tuesday, or is it just the court hearing?

Are you going to be offering enough money for the house to at least clear the mortgage? How do you know how much it's worth?

GDB2222

silvercar wrote: »

HAve a look on singingpig.co.uk. Plenty people over there claiming to do what you are trying.

But surely not on this sort of time-scale?

clutton_2

""But surely not on this sort of time-scale?""

yes it can be done - but only by professionals who have the right team in place

(providing it is the court hearing on tuesday and not the bailiffs arriving)

Running_Horse

ingram62 wrote: »

Before I make contact with her, and give her false hope

False hope of what? She is going to lose her home regardless.

If it goes to repossession the public process may bring in more money to clear her debts.