HELP - want to buy a reposesion but not sold out house yet...

khowe

Any help would be appreciated. Our house in on the market and we have a offer but our buyer does not have a buyer for their property yet. We have fallen in love with a repossesion property but obviously it is not going to be on the market for long so we are wracking our brains for a way we can borrow money to buy the repo in the short term..... any ideas?

firstaspect

You can get bridging loans for that sort of thing but it's risky business as you don't know how long it would take your buyer to find a buyer, could be a month, could be a year. So you'll end up buying a hefty amount of interest.
My personal advice would be that you can put in an offer on the repo but they'll probably keep it on the market and you'll just have to hope it doesn't sell to someone else before your buyer gets a buyer. Getting into more debt through any sort of loan really isn't worth it when I'm sure they'll be another house you fall in love with too.

johnson293

This is the exact reason we didn't view any properties until we had an offer on our house which was on the market last year.

We had our eye on a few, but didn't want to fall for one of them, and then find we couldn't sell our house.

As it was, we accepted an offer on ours (from FTB's), then we started viewing houses.

Good luck!

Catbells

If you get the repo for a really cheap price you would have saved money. Would it be possible to offer the highest possible so as to claim it as yours and ask for an extension on the completion date to give your buyers time to sell. Don't know how reliable this would be but I can see you've been smitten!

hazyjo

Some will offer a grace period whereby they'll give you 2 weeks or so to get a complete chain.

Usually only works if you're willing to pay the asking price (or very close to it). Might be worth asking... this market's a strange one.

Don't forget though, your buyer might find a buyer, but that's not necessarily going to be the end of the chain.

Really not worth the bridging loan route. Something else will turn up if you lose this one.

Fingers crossed it all works out.

Jx

mrcol1000

khowe wrote: »

Any help would be appreciated. Our house in on the market and we have a offer but our buyer does not have a buyer for their property yet. We have fallen in love with a repossesion property but obviously it is not going to be on the market for long so we are wracking our brains for a way we can borrow money to buy the repo in the short term..... any ideas?

We looked at several repos from different EA's and they all made it quite clear that the banks selling them would only deal with cash buyers or FTB with mortages agreeded in principle. Have you tried talking to the EA selling it to see if they have any ideas? I guess the only route is these companies that buy your house for cash but obviously you could lose some value.