Can I buy repossesd house from bank?

G_M

I've contacted one of the banks and put in an offer to buy one of the houses. Hopefully I should hear back from them soon.

I don't understand. Although he is in arrears I did not understand from your post that the bank had already repossessed the house...yet.

So he still owns the house, not the bank. So you should be agreeing a price to buy the house with your uncle, not the bank. Of course, you will need to ensure the price you pay him is sufficient for him to pay off the outstanding mortguage.

googler

Yes, if he still owns them, you should be dealing with him, not the bank. He may be a bit behind with his payments, but the bank haven't repossessed them yet - or have they?

Why wait for the bank to repossess then buy? If you can afford to buy a house (not necessarily his houses), then why not help him to put his finances in order, either by helping with ensuring that the houses have good tenants at all times and hence mazimising the rental income, or by helping to redecorate or improve the houses, so that they could command a higher rent, or by making up the mortgage shortfall, or by doing something else.........?

wondershrimp

gurm, you sound like you are in a similiar situation to me (see the thread i've started and some of the helpful comments [it's not letting me link as a new member, but the thread is a page or two down and headed "Buying flat from mum, EA fees, mortgages and other Qs"

don't know if you'd need a mortgage to help your uncle out though, hope this helps!