Time between repossession and sale in Scotland?

iscrimger

Does anyone have any experience of how long it takes before a property goes to sale after a repossession?

I am without lick trying to purchase a flat that I was living in which was repossessed late June to early July. The solicitor informed me it would be sold with an estate agent - that was all she could legally tell me.

It's now near September and the property is still empty and has no new owner - I checked land registry.

Anyone any ideas?

googler

No definitive answer.

Will depend on the lender who repossessed it, their solicitor or agent, any third-party that they use to place the sale, the selling agent they choose to use, it could even depend on how busy the local plumber is - they might have called him in to drain down the water systems, etc......

Let me get this clear - they repossessed it from you, and you now want to buy it again?

iscrimger

You have assumed. I was the renting tenant.

Lender is Birmingham midshires (hbos). Just seems to be dragging when the solicitor was very keen to get me out and sell it.

IveSeenTheLight

It is possible the rules may have changed in this economic climate.

Usually, the banks first obligation is to obtain the outstanding debt usually as quickly as possible, not to secure the highest offer.

Previously I was aware that banks would market reposessions for three months at market rate (it was in this high property demand phase) and if an offer was not accepted within three months, then the banks would by general rule then accept an offer 25% below the valuation to close the matter, regarless if that cleared the debt.

Like I said though, the rules may have changed in this different environment

iscrimger

Repossessions at the development are very common and they appear to go to an agent and sold at the first opportunity.

How long these properties have been empty is unknown but I'd quite like to know!

theartfullodger

In my experience it can take over 2 years...

Cheers!

Lodger

Mrs_Bumble

Have you contacted the lenders arrears/collections department and asked them directly what selling agent they would use? As different lenders are likely to use different agents.

You are in Scotland aren't you? Do they have to advertise an offer made on a repossessed property the same there as here in England?

Have you got any ideas who the agent is likely to be to market the property, have you contacted them directly and told them that you are particuarly interested in this property and can they keep you informed?

googler

iscrimger wrote: »

You have assumed. I was the renting tenant.

I have assumed. Apologies if any offence caused.

googler

Mrs_Bumble wrote: »

Do they have to advertise an offer made on a repossessed property the same there as here in England?

Have you got any ideas who the agent is likely to be to market the property, have you contacted them directly and told them that you are particuarly interested in this property and can they keep you informed?

No, a selling agent would accept or decline an offer on a repo just same as a private sale, and process it behind closed doors. No legal requirement to advertise either presence or amount of offer.

Agreed, the selling bank or lender may use a local agent, so OP - leave your details with all the local agents with request to contact you first if it's placed with them....?

iscrimger

Thanks for the replies. Googler is correct the repo sale is the same as a private sale although I've noticed they do advertise them for slightly longer and they do stay advertised as 'Under offer' until the sale is complete.

I have contact the solicitor but they wouldn't tell me. All they told me was that it would be a local estate agent the property is sold with. I have narrowed it down to Your Move and Mov8RealEstate as both of them sell a number of 'empty' properties at the development.

I do receive updates from Mov8 & YourMove. I might contact them specifically stating the address of the property.