Buying a repossion

gooligan

I am looking at buying a house that has been repossed,I rang the agent to put in an offer as they had already received one but she told me that I cannot make an offer unless I had actually viewed the house.I have made an appointment for Tuesday but am I right in thinking that there is a time limit once an offer has been made from the other party?It has been put on the internet thaat the agent has received an offer and I would like to put an improved offer in,do I have to view the house or is she not giving me the full picture?

TIA

vicstick86

Why would you not view a house before you buy it?

it works in two ways I think,
1. The bank/who ever have repossed the house accept the offer, then a 28 day count down starts to exchange, and you can put in what ever bid you like, to outbid the other person untill exchange of contracts.
2. Once the offer is accepted they will give a 7 day notice, in which you have 7 days to out bid them.
The bids are normally published somewhere.
You will need to be a cash buyer, or have at least a mortgage in principal to be taken seriously.

Emmzi

you also need to be aware that the heating/ water system will probably have been drained down and there is no guarantee it will work again when switched on.

It's normal for your lender to expect things like a functioning sink before they will grant a mortgage, so do you have money to pay these things up front between exchange and completion if nothing is working?

gooligan

Thanks for the replies,yes I have cash waiting,no mortgage.

chickmug

I have come across those who have tried to offer on all sorts of places without viewing and we would not entertain these approaches. Of course you MUST view to be taken seriously and not seen as a timewasting joker.

I have known other agents (amateurs) agree figures before viewing and the usual 'end result' is that the party always withdraws.