First Time Buyer Buying Repossession. What order?

mrcol1000

First time buyer long time renter. Finally found house can afford but sadly its a repossession. I know all the pitfalls and problems but still going for it. I want to make sure everything goes as quick as possible so can exchange as quick as possible without chance anyone else coming in.
So I am wondering what order do I do things in? I have found the property, mortage in principle from the bank in writing and going for one final viewing to make sure we are 100% sure. So then what order do we do things in. Make an offer, get the mortage application done, employ a solictor. Should we wait for the 7 days advertised in the paper to be up before we employ a solictor? How can we make this run as quick as possible? Thanks in advance for your help.

jockosjungle

Not sure if its different where you are, but in our area they generally may accept a better offer right up until exchange of contract. Do you have any scope to increase your offer? The best advice I would give is you want to minimise the time between an offer being accepted and when you complete. It'd be worth you phone around some solicitors and explain that you plan to buy a repo, tell them an estimated figure and that speed is of the essence. Try and get a solicitor in place as one you are going to use, get some recommendations, etc.

So get an offer accepted, get a solicitor going asap, get an application in with your mortgage. The quicker you can complete the quicker the less chance you have of being gazumped.

Has the property been on the market a while?

mrcol1000

jockosjungle wrote: »

Not sure if its different where you are, but in our area they generally may accept a better offer right up until exchange of contract. Do you have any scope to increase your offer? The best advice I would give is you want to minimise the time between an offer being accepted and when you complete. It'd be worth you phone around some solicitors and explain that you plan to buy a repo, tell them an estimated figure and that speed is of the essence. Try and get a solicitor in place as one you are going to use, get some recommendations, etc.

So get an offer accepted, get a solicitor going asap, get an application in with your mortgage. The quicker you can complete the quicker the less chance you have of being gazumped.

Has the property been on the market a while?

The property has been on sale for couple of months and has come down in price twice. Its a bunaglow and not been very well presented. I am going to put in an offer below what I am willing to pay and am pretty confident will get it accepted. Have the scope to increase that offer by up to 3% to just below the current asking price in case I have to.

jockosjungle

Well if its been on a few months and not shown any interest then you'll have less chance of being gazumped anyway, if its just popped onto the market you might have more competition. However I'd still get the ball rolling asap, they generally have a time limit they want you to complete by and as many days as you can give yourself the better

R

Ditto

The property will be advertised in the local press prior to you exchanging, as the bank has to find the best price for it.
You might find that someone will see the property and the price you offered and try to offer more. Generally once your offer has been accepted estate agents will discourage new viewings and banks will proceed with you unless the other offer is substantially higher.

As jockosjungle says get a solicitor, mortgage approval etc in place so you can prove you can complete within 28 days. Sometimes its not worth the hassle for the selling bank to accept a higher offer.

jockosjungle

Yes the quicker you are the better, if there isn't much interest and another interested party comes in. By the time they've had a look, done a second viewing and are ready to beat your offer, you'll be halfway home. The bank will think twice about knocking back a person a week away from completion to start again with someone else

R