Buying a repossed house

pumpkin30

hello all

would be gratefull of any advice.on questions below. just been to look at 2 houses both have repossesion notices in window.

1. Can you get a better deal or is it harder to get a reduced offer accepted?

2. Are there any problems in buying a repossed house? ie damages by ex owner.

3. How is the valuation set. ie estate agent or bank? (this might sound dumb but thought repossesions were normally sold at auction)

Thanks in advance for any advice:T

poppysarah

sold as seen. got to be quick. open to higher offers until it's done and dusted. mortgage may slow things down and may well have no heating etc working.

Sold as seen. No testing of turned off systems etc.

Make sufficiently low offer. Move fast. Get experiences solicitor who is not going on their hols for the next month or so.

ask if it's a 7 day notice or a until exchange repo.

G_M

Depends if it goes at auction or via EA.
If EA, it will be 'valued' initially, usually low, then marketed as usual. Once an offer is 'accepted', that offer must be advertised in the paper but the property will still be marketed until Exchange of Contracts, so quicker you can Exchange the better.

KellsBells

Pleeeeeeeease can I just quell the notion that repossessions are valued at a lower price than regular properties!! They are not - 2 independant valuations are carried out by chartered surveyors, and a third valuation is carried out by the estate agent. These are then backed up with comparables from Rightmove and other properties for sale in the area. The property is marketed at the actual market value.... very rarely less!!

The banks can't afford to market for less as they are likely to already be making a loss on the property after asset manager, contractor, solicitor and estate agent fees. Banks are not desperate to take any low offer on a repo - they have a legal obligation to the borrower to obtain the best possible price for the property. If they are not seen to do this, they get sued.

My advice would be to offer what you are prepared to pay for the property, be aware of the fact that the property does remain on the market and higher offers may well come in after the notice has appeared. Only offer on these if you are prepared to take it all the way.

Good luck.xx

Ladybird20

I would have thought as long as they got their money back they wouldnt be bothered what it went for??just my assumption...