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Buying a house before it's repossessed
pilihp
Posts: 3 Newbie
My sister and husband live in a rental property and have received a warning from their agent that their landlord is in financial difficulty and the house could soon be repossessed.
I was interested in using this opportunity and potentially buying this property and was wondering whether anyone has any advice/experience in this position - where we know that the house could be repossessed before the process even begins.
What's the best way to approach this scenario? Approach the current owner to do a deal before it reaches repossession and other people could drive the price up, or try and get in with the repossession agent early?
I am a first time buyer, and in a cash buying position.
Any advice would be gratefully appreciated.
I was interested in using this opportunity and potentially buying this property and was wondering whether anyone has any advice/experience in this position - where we know that the house could be repossessed before the process even begins.
What's the best way to approach this scenario? Approach the current owner to do a deal before it reaches repossession and other people could drive the price up, or try and get in with the repossession agent early?
I am a first time buyer, and in a cash buying position.
Any advice would be gratefully appreciated.
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Comments
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Are you intending to continue to let the property to your sister and BIL? Do they claim housing benefit? Do you know anything about landlording?Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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Why does your husband live with your sister? Are you Mormon?0
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Are you intending to continue to let the property to your sister and BIL? Do they claim housing benefit? Do you know anything about landlording?
I would continue to let the property to my sister and don't think they claim housing benefit.
I am a bit nomadic so to get onto the ladder I was looking into investing in a buy-to-let property near my parents' so they could look over it while I let it through an agent. I don't have any experience of landlording as yet.0 -
Once it is repossessed you will just have to wait till it's marketed and follow the process.
You could try approaching the owner who might bee keen to unload it for some cash, but chances are he has a mortgage to pay off, maybe at near market value, and will be unable to accept less than the mortage amount.0 -
Contact the landlord and see if he's interested. You could be lucky, he could be in a quandry and want to sell but not be able to afford to keep the house empty while he sells, so he carries on renting it out.
All will depend on whether the landlord can clear the mortgage with your offer. If he can't then the lender won't let him sell (unless he has savings elsewhere to contribute). If there is some equity int he property then he may be very happy to have a hassle free sale.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
I would continue to let the property to my sister and don't think they claim housing benefit.
I am a bit nomadic so to get onto the ladder I was looking into investing in a buy-to-let property near my parents' so they could look over it while I let it through an agent. I don't have any experience of landlording as yet.
I would suggest you check if they claim housing benefit - councils do not like to pay relatives. Letting a property via an agency does not absolve you of your legal responsibilities towards your tenants: you might consider joining a landlord's association for a 'crash course' in landlording.
Lecture over, good luck!
Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
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