Buying a repossession HELP badly needed:

andrewalty1984

The stress is only just starting I had my offer accepted 2 weeks ago and it went in the paper with my offer a couple of days ago. Fingers crossed everything flows ok and no one else out bids me. My mortage company has just done the serveys and stuff yesterday so just waiting to hear from them. Hopefuly this time in a month I could be a home-owner!!

Wish me luck !!

fisrtimebuyer

Andrewalty1984 - good luck I really hope it goes ok for you. =] Its nice to see that this type of thing can go right

I regards to my problem, the EA FA is now saying I have to go see him, I have already said no I have a FA heres his number, and well its all gone a bit wrong to say the least.

Any advice from any EA or others, will the repossession company withdraw the acceptance of my offer cause im not using the EAs FA ? Because that what the FA said ...What power does the EA hold over this situation ?


help help help

andrewalty1984

I had to go and the EA mortage advisor before they would let me put an offer in but this was just to confirm that I had a mortage offer set up and funds available as they wanted to make sure that I was chain free and able to put everything through asap.

Got all the survey stuff through and the final mortage through today so just waiting for my solicitors now to finish her check and contact the banks (northen rocks) repo team. only 2-3 week now hopefully.

Good luck all i'll try and keep you posted on how it goes and any hick-ups that occur.

GL all once again:)

Thrugelmir

fisrtimebuyer wrote: »

Andrewalty1984 - good luck I really hope it goes ok for you. =] Its nice to see that this type of thing can go right

I regards to my problem, the EA FA is now saying I have to go see him, I have already said no I have a FA heres his number, and well its all gone a bit wrong to say the least.

Any advice from any EA or others, will the repossession company withdraw the acceptance of my offer cause im not using the EAs FA ? Because that what the FA said ...What power does the EA hold over this situation ?


help help help

You do not have to use the EA's FA. It is merely part of the vetting process.

When you've bought and sold houses a few times you'll find a lot of timewasters around. A good EA in this way performs a service.

fisrtimebuyer

Ok well everyone to keep you updated. I have told the FA in the EA that I have already signed and sealed on a mortgage I want. He sounded like wounded puppy and mentioned something again about the repossession company not liking it.. but I said if they don't like it, they can keep it, politely of course. It did help I had my partner with me and he's 6'5 and quite big. Maybe they felt they couldn't bully me anymore ?

Surely this thing would drive away customers.

One thing that is awkward is the person dealing with the sale doesn't get on with my FA... oh the joys of a repossession.

And FA thinks the property is over priced, and that the valuation will be lower than the price I bid... Im kinda assuming that means I can't get a mortgage on the flat but my FA seems to think this is a good thing (I certainly don't) ?He says they will most likely have to accept the lower offer.. is this true ? Im just assuming this means I wont be able to get the place and neither will anyone else unless its a cash buyer..

also how long does the public notice have to go out for ? I have been told 7 days (but this is incorrect right?)

sorry to keep bombarding you all with questions, its just nice to have outsider perspectives

Anyway thank you for all your help, I shall keep you all posted on the ups and downs.

Andrewalty1984-fingers crossed you are nearly there =]

Miss B

fisrtimebuyer

Oh and just for future reference the repossession company did speak to me. They were extremely understanding and said they hadn't heard anything from the EA and would call them .. (how ever this may have been just the person I spoke to and I had to explain everything.. im sure it broke DPA i/n some way).. offer accepted next day =] hope this helps some1