Repossessed Property Buying: Quick Briefing Discussion

GDB2222

Yes to all those questions. You are under no obligation to use the EA's mortgage adviser, but it may help move things along.

aralkaa

Hi everybody, another FTB here. I'm planning to buy a repo but I'm not sure about this whole gas/electricity/water thing. Obviously it will be disconnected, but if I move in will I have to arrange an engineer to come and check them, or will it be enough just to phone up utility company and ask them to connect the house back?

GDB2222

Water and electricity - just turn them on and see what happens. Occasionally, outgoing owners sabotage the place, but not many. You might want to have the electrics checked by an electrician before buying, anyway.

Gas, I'd get the boiler serviced and started up by an expert.

harryhound

When I bought a repo, I arrived to find that the electricity had been cut off by the simple method of removing the DINO's fuse (Company fuse). We will gloss over how I coped on that Friday night, but on the Saturday morning the local supplier turned up promptly and replaced it.

FirstTime2012

On further enquiry re: the repo flat I am looking to make an offer on, the service charges are £140/month and the estate agents cant tell me what the ground rent is yet.

The service charges are more than I was expecting to me honest, can anyone tell me what average service charges are for apartments? This is a refurbished Victoria building with a gym and sauna for residents -- but the gym is pretty basic and I probably wouldnt even use it! Also a bit worried that when I come to sell it on, the service charges might put off potential buyers?

hi_thusi

Hi There,

I need some expert advice.

I plan to buy a property on action. However, the properties are advertised/catalogues are released to the public 2 or 3 weeks before the auction date.

Is there a way to get those property information well before the auction date? Also, there is a company called "Choices" who claims having access to properties with many auctioneers and can provide this information well before the auction date. Is it worth registering with them for £300.00 per annum?

Please advice

Thank you

joe-90

My wife and i have been trying to buy a repo house this week and have ended up in a bidding war with another buyer.

The other buyer had put in an offer some time ago and were due to exchange on the day we put in an offer that was at first refused and then after upping the amount was excepted today and we now had to wait 28 days until we could complete

We went to view the house this afternoon and when i returned home i picked up a message from the estate agent saying that the other couple had come back with another offer and that the seller is now asking for everyones best offers now???

Seems a bit strange to me, i thought they either except these peoples offer or not and then tell us if we are then out?... There seems to be a bit of scaremongering going on by the agents in my mind. I get they impression they are trying to push me up to my maximum.

If they do except their offer does anyone know if the 28 days will then start again or because there original offer was on the table for so long do they just exchange asap?

Hope somebody can help.

Cheers, Joe

valentine1982

Hi

I was just wondering if anyone coud help me.

I know of a property that is going to be reposessed and would love to buy it. I just have no idea how or were to start.

Could anyone on here point me in the right direction please? and thanks in advance.

Valentine1982

tenuissent

You could look up the Land Registry, register, and watch your property until it is repossessed, shown by change of current owner to a bank/building societ/mortgage provider. Then you could approach them direct.

I am partway through the process of buying a repossession. The estate agent would not tell us who their client was, and we suspected them of not passing on our offer. So we did exactly this, after waiting for a couple of weeks, contacted them direct, and got a response to our offer on the same day.

OK, it was a refusal, but we raised it slightly and it was accepted. Conveyancing is under way, but we are in the difficult limbo where the repossession continues to be advertised because the agent is legally obliged to show they are still looking for the best offer available. So be could be gazumped even though we have forked out for survey and part payment to solicitor.

paul3481

Hello,

I am after some advice.

My partner and I viewed a property which has been repossessed and has a sell proceeding (currently close to exchange). We have submitted further offers which are much higher than the agreed sale price. I understand the respossesion company dont have to accept a higher offer. However our offer is about 5% higher and we are in the same postition as the current buyer.

I am worryed that the estate agent is not submitting our offers to the repossession company because they have not sent any paperwork, not undertaken detailed research into whether we are good for the money and any contacted me via phone which I am always chasing them.

There is a court case regarding the property on Tuesday with the mortage company and the CSA (who have a charge against it) into which party is due what from the sale.

Could someone advise me on what to do next?

I know it is horrible for the current purchaser that we are coming in at the 11th hour with a much higher offer but my wife has set her heart on the property and I want to do my upmost to get the house for her.