Buying a repossessed house

gundo

Anyone done this? If so can you let me know what the pitfalls are.

I've put in an offer for a repossessed house locally. It's a nice
place but a bit chipped round the edges IYSWIM. All the services are
off and the yale lock's been smashed off. Possibly a forcible
repossession as there's odd bits of damage round the house.

I've heard scare stories about debts being associated with the address and the new owner getting chased by baliffs for these.

MiserlyMartin

Well I bought one in 1996. House was not in that bad a state considering. I wouldn't worry about bailiffs coming round. Its not your debt or problem if they do. Nobody ever came around to mine, and anyway, the ex owners main debt will have been paid off to the mortgagees in possesion, (by you).

There seems to have been an increase in repos just lately.

Grumps

I've never bought a re-possessed house myself but some friends of mine did some years ago.

The main danger was that the previous tenant had effectively, booby-trapped the place. Water and gas valves left open, and chimney and boiler flues blocked. Fortunately they were wise enough to check when they obtained possession.

And they did get one phone call and a visit, by appointment, from a bailiff who, when shown personal identification and documentation relating to the purchase of the house, was quite happy.

Skint_Catt

Does anyone know how to find out about repossessions that are coming up for sale?

MattLG

I'd certainly be interested in finding out about repossessed homes too. I've been watching some TV programmes on house auctions and the prices seem to be about the same as on the high street. So it seems pointless to me. I'm after a house at a reasonable price, not the market price :-)

MattLG

MarkyMarkD

Most repos won't be sold through auctions nowadays, but through estate agents in the normal way. Auctions were used when there was a real glut of repossessions in the 1980s but haven't been as necessary since then as houses sell reasonably easily (at the right price) through estate agents.

frepol

The main danger was that the previous tenant had effectively, booby-trapped the place. Water and gas valves left open, and chimney and boiler flues blocked.

Serves them right for being vultures.

Elliott_Woods

A lot are still being sold via Auction. This is ok but you need funds to be able to put up front i.e. deposit - completion will then be 28 days later so if you are relying on a mortgage offer this could be tight and the Lender may not be preapred to offer on the property.

There are still bargains to be had its being in the right place at the right time. Speak to all Local Agents and ask about Auctions.

deemy2004

frepol wrote:

The main danger was that the previous tenant had effectively, booby-trapped the place. Water and gas valves left open, and chimney and boiler flues blocked.

Serves them right for being vultures.

Vultures ? ......... :rolleyes:

What about people taking responsibility for their debt ?

deemy2004

Elliott_Woods wrote:

A lot are still being sold via Auction. This is ok but you need funds to be able to put up front i.e. deposit - completion will then be 28 days later so if you are relying on a mortgage offer this could be tight and the Lender may not be preapred to offer on the property.

There are still bargains to be had its being in the right place at the right time. Speak to all Local Agents and ask about Auctions.

I saw on one of the zillion property programs, this guy buying at auction to buy to lett, he put down a £5k deposit and did not comeup with the balance within 28 days and lost his deposit ! SO if you buy from auction - make sure you do your sums !!! As a mistake can be very expensive ! :eek:

gundo

frepol wrote:

The main danger was that the previous tenant had effectively, booby-trapped the place. Water and gas valves left open, and chimney and boiler flues blocked.

Serves them right for being vultures.

What?

I didn't choose to buy a repo, it's through a normal estate agent and it's no bargain I'm buying at market value. I didn't know it was a repo until the agent cancelled an evening viewing because of course the electric's off so it would have been pitch black inside.

I also take a significant risk on whether the electrics, plumbing and/or heating will work once the services are back on. New combi boiler and fitting costs anyone? - gulp...

The idea that repo's are a bargain IMHO is a myth. Possibly true at auction but I've no experience of that.