Repossessed Property Buying: Quick Briefing Discussion

robbief_3

Hey guys, im in a bit of a mess atmo. I am/was in the process of buying a house. I have everything in place to buy, BUT survey has come back, and it turns out it needs £20,000 spent on it. I put in a revised offer, and the vendor says she can only go down by a tiny £1,000, as thats all her bank will let her do. It looks like the property will be repossessed if she can not find a buyer at that price.

I am not going to buy an over priced property, but at the same time i love it. I was wondering if anyone knows how to find out when a property has been repossessed, and how to contact the bank about buying the property of them. I feel i would be a perfect buyer for the bank as i am ready to move in straight away. I could buy it off them even before it goes back on the market? Is this possible?

Doozergirl

The property has to be marketed by the lender.

Set yourself up a search on rightmove for the postcode and wait, but I wouldn't hold your breath. The wheels move pretty slowly.

Alexander_Levin

“London Property” ( w'ww.london-property.org ) describes strategic UK areas for property investment and provides information about UK investment property, off plan property, new build property, prime property, and related services. “London Property” describes property finder services, UK property buying procedure, and includes links with resources about UK property market, prices, buy-to-let property, buying, selling and letting UK property, mortgages in the UK, UK property taxes, etc

One of attractive investment options is to buy new build high quality apartment in a strategic area from a distressed seller. We have access to such units in the UK’s fastest growing business districts, and can source similar properties in other areas of London. This is a short window of opportunity due to the crisis. Many distressed sellers bought off plan 2-3 years ago with a view to resell before completion of construction, could not resell due to the crisis, and now cannot complete (because they cannot get a mortgage, do not have sufficient deposit, etc). These sellers are willing to sell at below market prices to avoid court proceedings from a developer. Sometimes, developers rescind their contracts with such buyers and also are forced to sell at attractive prices to sell off the remaining units and complete the project.

Buying new build flats from distressed sellers result not only in immediate equity for investors, but also in higher rental yields (% of rental income to property price), and in lower property management cost.

We currently offer the following new build projects:

1.New build high quality apartments at below market prices in Stratford, Olympics 2012 regeneration area. Prices start at GBP190,000

2.New build luxury apartments at below market prices in the UK’s fastest growing business district – Canary Wharf. Prices start at GBP250,000

3.New build projects in the City of London and Westminster – prices start at GBP380,000

“London Property” can not only find high quality apartments at below market prices, but also negotiate further discount, arrange legal support, mortgage, furnishings, property lettings and management, etc we provide full investment solution to our clients.

ducky2004

Heem Alex,

If it is so attractive, why aren't you buying it? Why are you giving free equity to us MSE ?

Alexander_Levin wrote: »

“London Property” ( w'ww.london-property.org ) describes strategic UK areas for property investment and provides information about UK investment property, off plan property, new build property, prime property, and related services. “London Property” describes property finder services, UK property buying procedure, and includes links with resources about UK property market, prices, buy-to-let property, buying, selling and letting UK property, mortgages in the UK, UK property taxes, etc

One of attractive investment options is to buy new build high quality apartment in a strategic area from a distressed seller. We have access to such units in the UK’s fastest growing business districts, and can source similar properties in other areas of London. This is a short window of opportunity due to the crisis. Many distressed sellers bought off plan 2-3 years ago with a view to resell before completion of construction, could not resell due to the crisis, and now cannot complete (because they cannot get a mortgage, do not have sufficient deposit, etc). These sellers are willing to sell at below market prices to avoid court proceedings from a developer. Sometimes, developers rescind their contracts with such buyers and also are forced to sell at attractive prices to sell off the remaining units and complete the project.

Buying new build flats from distressed sellers result not only in immediate equity for investors, but also in higher rental yields (% of rental income to property price), and in lower property management cost.

We currently offer the following new build projects:

1.New build high quality apartments at below market prices in Stratford, Olympics 2012 regeneration area. Prices start at GBP190,000

2.New build luxury apartments at below market prices in the UK’s fastest growing business district – Canary Wharf. Prices start at GBP250,000

3.New build projects in the City of London and Westminster – prices start at GBP380,000

“London Property” can not only find high quality apartments at below market prices, but also negotiate further discount, arrange legal support, mortgage, furnishings, property lettings and management, etc we provide full investment solution to our clients.

jeffmasson

we put are offer in last week on a repo just hope no one put a higer offer in ro it's a grand down the drain and we wont have the money to try again. we are ment to exchange on the 24/3/10 so only a few weeks left fingers crossed:(

kazire

hi i have put an offer on a repo and if accepted i know another bidder can out bid me i know i can loose money but any advice on how to keep costs to minimun so that i dont loose as much. any advice gretly appreciated!

harryhound

Always ask for the HIP - when you find rubbish like this, you know it is a repossession:rotfl:
https://www.optimahips.com/hip.php?hip_id=HBO-2-753&pass=0xb8102d1fa5df93e62cf26cd4400a0727

shukran99

Check the HIP!! I received the hip for the repo I am buying in PDF format....I requested this so I could print it myself to save the £30 that the solicitor charges to print it. When I looked at it I discovered it had been done on the wrong house!! Agents have advised me it will take a week to get another one done. On the other hand my surveyor was very quick...did the survey on Monday and I had the report on Wednesday!

harryhound

Typical ! At least you are now sure it is a repossession.:rotfl:

harryhound

kazire wrote: »

hi i have put an offer on a repo and if accepted i know another bidder can out bid me i know i can loose money but any advice on how to keep costs to minimun so that i dont loose as much. any advice gretly appreciated!

If they accept your offer can you not insist on a notice in the local paper saying "an offer of yyy,yyy jas been recieved on 37 gasworks close xx8 9nn and if no further offer is received...........".

I bought a good value place that was being sold (I was not told it was a repossession - but in pre-HIP days I asked the neighbour!) There was then a flurry of negotiation trying to get me to up the offer - but I was a cash buyer - once the flurry of negotiation was over (and the mortgage was covered?) the Halifax just could not wait to get rid of it.