Buying a repossession house

GAZB

I am currently going through buying a repossession house , its a 4 bed semi detached house , we have the mortgage sorted and it is now going through , I have £70'000 equity in my other house so im remortgaging my other property to release £20'000 that will pay the deposit and fee's etc and we have our mortgage going through with C&G which has been accepted and is going through now , it was up for £65'000 and we offered the asking price for it , our offer was accepted then it went to public notice in which we where in bidding war with someone else , they dropped out at £70'000 and I offered £71'000 which got accepted again and the time period of the public notice finished , everything is going through and im using the solicitor who is part of the repossession company who own the house at present , my question is can someone else offer more at this stage ( gazump us ) as I seen a couple looking around the house yesterday or is the deal done for us now as long as we get it sorted in the time given before the exchange contract date expires.

g_attrill

I have been told that it depends on the mortgage company, but I think generally if somebody offers more and can exchange before you then they get it.

The lender is obliged to get the maximum price on behalf of the borrower, however there must be accepted limitations in that if they drop you for somebody offering £1k more but it takes six weeks longer then the debt might accrue more than that in the meantime.

G_M

Until Exchange of Contracts you can be gazumped.

vegasbaby100

as the others have said it is up till the exchange period!


Good luck

AMD1981

Unfortunately yes they can, happened to me about 36 hours before I was due to exchange! I was gutted. I got the house in the end but I had to increase my offer!