Bidding on a repossession house? Anyone encountered this before?

WolfUK

I got gazumped on a repo by a cash buyer lost over £2,000 would never go that route again.

Milliewilly

You can get outbid on any purchase up until exchange its not just reposessions where this happens - I would not be put off buying one because of the chance of being outbid.

They are generally cheaper anyway so its very likely you will get outbid unless you put a really good offer in which is just the same as buying a non - repo.

The most frustrating thing is when they accept people needing a mortgage over cash buyers when a good proceedable offer is on the table.

System

jhe wrote: »

hi bricks-and-mortar, we were told that once the sale progresses to the solicitor stage unless a substantially larger offer was put in the bank in possesion were unlikely to accept another offer. its still a worrying time until exchange though. we were given the usual 28 days to complete, it has taken a few weeks longer than this. the vendors seem happy as long as progress can be seen to be made. good luck with yours. after the ups and downs the last couple of months i would seriously think about buying another repo again.everything is on the vendors side they call all the shots.

Hi did you get the house ok

jhe

hi jas107dog. yes we eventually completed but wouldnt like to think i had to go through all the ups and downs again, i dont think i would get involved in another repo knowing what i know now. even on the day of exchange the vendors solicitor couldnt be contacted so didnt exchange on the arranged date.[apparantly the solicitors said they were too busy!] it took a phone call from the ea to the vendors to gee their solicitors up.

Hanna_Jo

Does anyone know whether it is usual to conduct a survey before you bid on a repossed property or after the offere has been accepted?
Thanks!