Sales process after repossession

Dogz111

Just wondered what the process and timescales are once a house is repossessed.

I'm guessing it will first be placed on the open market with a couple of local agents in order to obtain the best price. At what point will the mortgage or asset management company put the house in an auction or will they just continually reduce it until it eventually sells?

Reason I ask is that I have seen a repo property I'm interested in buying and obviously want to get it at the best price. It's been on the market 12 weeks and reduced £5k already.

Thanks

G_M

It may/may not go to auction.

Best thing to do is put in an offer - at whatever level you want to buy it!

If they accept, it will then be advertised that an offer of £XK has been received and will stay on the market for a week or two, during which time anyone else can make higher offers.

jhe

the one we bought had been for sale with an ea for around 5 month, and was reduced by the vendors. its a rollercoaster ride buying a repo. there had been several very low offers put on the property we bought. if they accept your offer it will probably go to public notice and right up to exchange anyone can jump in with a higher offer. if your offer is accepted they will tell you you have to complete in 28 days, ours took longer than this but as long as the vendors can see progress is being made they will be happy, but everything is on the vendors terms, we felt under pressure most of the time to increase our offer, as a supposed cash buyer was interested!you could always go in with an offer and see what the vendors say.

Dogz111

Where there other incremental costs such as having services reconnected etc ?

I'm trying to structure in my mind what a fair price would be for all parties.

jhe

the services in the house we bought hadnt actually been disconnected although the ea said they were, we just had to find out who the gas/electric suppliers were and contacted them. if i was you i would go in with a low offer, you can always increase it if need be. the ea will ask for final offers but in our case this was a waste of time as the property stays on the market until exchange