Steps of Buying a Reposession flat

greendale9061

Hi,

I would like some assurance on an offer I submitted yesterday on a repossed flat.

I am atm renting & due to renew my contract next month. On Monday, I was looking at how much the flat, I'm in were selling for & came across next doors flat for sale less than half price. I quickly rang the estate agent to view (Loved it) & yesterday I put an offer in for the full price.


I didn't have any intentions of buying a place, but this was too good to be true. I rang the estate agents this morning & gave all my details & told him it would be a cash buy therefore can complete within 28 days (STC and a ref from my bank).

(I sold my house just before the crash & the money left over was put in a high intresst account :-) He told me that there have been a further 3 offers on the property & all will be put in the paper today.

I would really love to get this place, but I am worried now that it may go to someone else. The estate agent said the bank decides on background & personal history than price of offer. Is this correct? or should I offer a £500 over the asking price to secure the deal?

How can I make my offer sound more appealing to the bank, so they will chose me?

Many Thanks :-)

princessamy86

Wait and see what the offers are in the paper, somebody may have already offered asking price or more. Once you know what they are, take your proof of funds into the agent (bank will not accept offer until they have seen this, if you are unhappy showing the agent then ask to see their mortgage advisor). Stress that as it is a cash sale, you can complete very quickly. Depending on whether or not you would want a survey, you could possibly complete within 14 days. You're in the ideal situation to secure a repo but it is honestly the luck of the draw with some lenders. Good luck!

Fire_Fox

You won't be able to complete on a leasehold flat that quickly anyway, unless the management company have already prepared all the documents about service charges and ground rent.