Re-Posessed Homes for buying

MegaMiniMouse

DVardysShadow wrote: »

Please start a new thread. This one is about buying a repo'd house. It is going to get confusing to mix your situation in the middle.

OkiDoki!!!

Running_Horse

If you don't like the process, don't buy a repossession. Whoever told you life was fair? Certainly not the poor mug who lost their house so you could have a bargain. Many non-repossession sales fall through before exchange. What exactly are you hoping for people to tell you here?

Jojo1daffy

MegaMiniMouse wrote: »

For a lot of complicated reasons, it is possible that my house will be repossessed next summer.

So how will it work? If I get an 'offer to buy' at less than the mortgage settlement figure, will the lender negotiate with me about how to make good the shortfall? Will the lender release the charge on the property even though they have not received all their money?

If I decide to 'cut my losses', and walk away from the property, how soon will the lender take action against me so that I am no longer responsible for the buildings insurance and the council tax etc?

I'm trying to avoid getting myself into a situation over which I have no control, so any advice would be appreciated.

MMM

Hiya
Yes they will negotiate with you on how to repay any shortfall, they may also accept a lump sum offer of payment in settlement. For any payment arrangement you would have to provide proof of income and expenditure and they would expect the shortfall debt to take priority over other debts you have.
The charge would be released because the property has been sold. But beware, they may make a charge on any future property you own in order to obtain the shortfall monies owed.
Don't walk away and disappear. Talk to your lender. They may be able to help you via mortgage rehabillitation and avoid repossession altogether.

Did you start a new thread?? I think I replied to that one was well

Frankie66

well thanks to all who responded to my original post,as to Running Horse who posted :If you don't like the process, don't buy a repossession. Whoever told you life was fair? Certainly not the poor mug who lost their house so you could have a bargain. Many non-repossession sales fall through before exchange. What exactly are you hoping for people to tell you here?
As it wasnt my fault that someone lost their house so that I could buy it....i resent your attitude towards myself,im sorry that someone had to be in that position that they lost their home and the banks do nothing to help...and as to what i was expecting...just a little help that was all TA

DVardysShadow

Frankie66 wrote: »

well thanks to all who responded to my original post,as to Running Horse who posted :

If you don't like the process, don't buy a repossession. Whoever told you life was fair? Certainly not the poor mug who lost their house so you could have a bargain. Many non-repossession sales fall through before exchange. What exactly are you hoping for people to tell you here?

As it wasnt my fault that someone lost their house so that I could buy it....i resent your attitude towards myself,im sorry that someone had to be in that position that they lost their home and the banks do nothing to help...and as to what i was expecting...just a little help that was all TA

Please don't grizzle about this. Running Horse makes a fair point - on a repo, you are to some extent gaining at the expense of the person who was repo'd. What your perceive as unfair to you - that you risk losing the deal if someone comes along with a higher offer is done to be fair to the repo'd person. When you go to buy the repo, you know what the score is, so you make your choice as to whether to take the risk - it can happen with non-repo homes too, but it is less likely.

If you don't like the risk and choose not to buy a repo, you may say that there are no houses available which are not repo. Possibly true. But then there is no guarantee that houses will be available for sale.

Chris55_2

There are advantages in your situation in buying a repo in that the seller will act rationally. In a private sale the buyer can pull out before exchange for any reason at all, including the house they are intending to buy being being removed from the market. You are not exposed to any chain at the top. If you are in a position to buy you can move pretty fast. We managed to complete within a month two years ago.

lb364

Perhaps you could try property auctions instead - lots of reposessions and I believe the sale is binding once the hammer falls...just a suggestion

Running_Horse

Frankie66 wrote: »

As it wasnt my fault that someone lost their house so that I could buy it....i resent your attitude towards myself,im sorry that someone had to be in that position that they lost their home and the banks do nothing to help...and as to what i was expecting...just a little help that was all TA

Don't take it personally. To put it bluntly there is no help as that's the system as it stands. You chose to go down the repossession route. It's like shopping at Aldi and complaining the range is not as good as Waitrose. We get countless discussions on here started by people wanting repossessions; must be a repo, only a repo will do. That's fine, but every repossession is someone's personal tragedy.

I'm not normally one to correct message board spellings, but why is it those buying repossessions are never able to spell the word correctly?