Loosing a REPOSSESSED house

gilfill

Got just over a week left until i exchange contracts on a repossessed house. I'm a first time buyer and just wanted to hear from peoples experiences buying repossessed. Success stories and people who have lost out.

Thanks

stokegal

I think that there is some stigma attached to repossessed house that the previous owners did not look after them and that they need loads of work doing to them as the "low lifes" that let their houses be repossessed dont obviously care enough to pay the mortgage let alone any repairs on a house....

Speaking as a "low life" (as I was called) who's home was unfortunately repossessed last year, I can say that this isn't the case with all repossessions, my home was newly decorated, all appliances were regularly serviced and there was certainly no damage to the house as it wasn't just a house it was my home, just the circumstances of being left by my partner and his refusal to pay the mortgage lead to me losing my home. I think that with number of repossessions that are occuring now and the fact that it's happening throughout the market from million pound mansions two bed terraces doesn't mean that buying a repossessed house will mean that you have bought a bad one, the same as if you bought a new house doesn't mean that you will get a good one.

One thing that I would check though is that you aren't associated with any of the previous owners on your credit file.

I hope you enjoy your new home, congratulations :beer:

gilfill

Thanks for the info and im sorry you were repossessed its a horrible thing to happen to anybody.

stresshead70

We bought a repossessed house last year and I would agree, the fact that it was repossessed hasn't been a problem. Ok so we had to get the boiler fixed but on the whole the house is in good nick. I do have a question though, how would I be able to find out if we are in someway connected to the last tenants bad credit. We have been inundated with letters and phone calls from debt recovery companies and the other day we were turned down for credit. So wondered if it was because of the houses history because both me and my partner has quite good credit ratings. Anyone know how I can find out

RacyRed

Check your credit rating and ensure that the previous occupants debts are not being linked to your address and you.

HERE is Martin's article about credit ratings

VIGILANT22

gilfill wrote: »

Got just over a week left until i exchange contracts on a repossessed house. I'm a first time buyer and just wanted to hear from peoples experiences buying repossessed. Success stories and people who have lost out. Thanks

Sadly many repossessed properties are vandalised at the last moment by the "owners"....this is fact.....guess it is a from of misdirected anger at losing the property

evening_all

I think I've mentioned on here before but myself and my partner went to look at a repo not so long ago. It put us off buying one for life. Was in a lovely neighbourhood but as we entered the property, it had obviously been mistreated. Holes in the roof, punch marks through the walls and doors, clothes left in the wardrobes and apparently - we only heard this after we'd said no but a gun was also found on the property aswell by the EA. Spooked us out, but that was our first experience with one. Doesn't mean they're all like that so good luck!

SingleSue

We were repossessed many years ago (the 90's recession), we looked after our home, there were no holes anywhere and we certainly did not vandalise it before we left...in fact, we even cleaned all the carpets, walls, cupboards etc before we went!

It was a sad and angry time but we would never have done anything to the property to reflect that, plus the fact, we would only have got the bill for it if we had.

Batchy

if you damage the property before you go , it will effect the resale value, and represent a larger debt left over after the banking institution has sold it... the bill remaining comes to the individual who never payed the mortgage, but of stupidity ... costs money... not worth it!

redlady_1

You need a mortgage in place (and I dont mean in principle). You will only have 28 days to echange and alot of mortgage companies are too slow. You will also need a good solicitor. I missed out and spent £1500 but that was because the repossession company hadnt done their job properly. Do not expect them to answer questions or be helpful in any way. They are possibly the most obstructive people I have ever met. Also, dont forget that at any point up to exchange someone can outbid you and you lose your cash. You need to be right on the ball. Its a gamble but good if it pays off. Also the longer the property has been on the market, the lower they will go. Would I go for one again? Unlikely unless it was the house of my dreams.

Edited because I have just re read your post and realised you are already far ahead!

Kez1983

Hi,

I completed on a repo property and have to say the previous owners looked after their property well. The only thing that needs doing is decorating as its quite dated (they had a real liking for wallpaper, theres layers and layers of the stuff!!), but I also viewed some repos that were horrific!

As for the purchase itself mine looked very rocky in the last week as another offer was put in, but thankfully I had quite a good relationship with the EA who rang me and told me, and asked what my valuation had come in at. The other offer was quite a bit higher than mine, but due to the EA telling the vendor they thought my valuation was correct they asked the other buyer to get a survey before they would accept his offer! Of course he refused and I got my house!!

Just make sure you keep chasing everyone and keep things moving as fast as poss!

Good Luck!