Repossessed Property Buying: Quick Briefing Discussion

elleb5

Hello!

First post time for me!

We are currently going throught the process of buying an aquaintances house after thay have been declared bankrupt. Their mortgage is with LLoyds TSB and we have been given the option of putting an offer in before full repossession - just wondering if anyone else has been or is in this situation and if there is any advice?

The house is in a really good area and we have put in a resonable offer considering work needingto be done etc.............

med1_2

I,m a first time buyer with a firm morgage offer and a 15% deposit, I made an offer on a repo 10days ago and told today by the estate agent that it has been sold to a 3rd party for less is thare any recourse against the estate agent or how do I find out who owns the property to check my offer was forwarded

Milliewilly

I am guessing if the EA has divulged this info to you then the sale has already completed. There can be reasons why the sale was less money than you offered, a cash buyer being one, reduction in offer after survey etc.

I appreciate its disappointing for you.

The only way to find out if your offer was forwarded would be to contact the company acting for the repo. this will be like looking for a needle in a haystack.

There's no recourse against the EA for selling to someone else thats the Vendors decision as to which offer they accept. Did you get written confirmation of your offer?

The thing to remember is there is always another property!

Trollfever

This showbiz style seller (think whistles and whooping) is part of controversial US ‘repo’ auctioneer REDC. As well as live sales across the UK, the firm auctions property online at Auction Today.

Where did these go?




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poppysarah

Trollfever wrote: »

Where did these go?

.

A place of no return I hope.

clockworks_2

i completed on my flat on Friday, it was a reposession. Thankfully the flat was left in great condition. The kitchen , was very , very clean and so were all the bathrooms.
Besides a broken TV and stickers in what would have been a child's bedroom the flat was fine.

Although the seller asked me to take note of the 28 days to exchange we exchanged in more like 40days,

amyparr

Hi guys,

I'm a first time buyer and have come across a repo property which needs a fair bit of work (£20-30k worth). We're visiting tomorrow to have a look around, and if we like it we were thinking of putting in an offer of 17% below asking - in my opinion the asking price is very high (more than it would be worth if it was done up). Is 17% below just a ridiculous offer to make?

Thanks!

Amy

lizziloves

Hello

Most banks/receivers market properties at a price which at a level that it should sell within 90 days if the level of debt is low to the relative value of the house. This means that they are often very unwilling to move very far on the marketed price.

Some repossessions can be extremely complicated for example if the house is worth less than the outstanding debt or if there are proceeds of crime act orders against the property.

If you are looking for an empty/repossessed property it is often worth registering your details with your Council's empty property officer as if they know what they are doing they often know about properties before they come on the market or may be dealing with owners who want to sell.

amyparr

I know (having looked at the title to the property) that the bank is owed £100k less than the asking price.....does this make a difference?

Doozergirl

It should still be marketed at around the going rate.

I have just bought a repossession - been on the market since February - my offer of 15% below AP was accepted. The last one we bought before that we paid 14% less than asking. Both had 'issues'. If it has just hit the market then you will struggle to have an offer that low accepted - it's likely at the least to be referred back to the lender.