Repossessed property. How does it work?

loujay_2

Thanks everyone.
I have to admit I am worried about my buyers and there buyers searches as I have no control over the speed of that. We are getting really disheartenned now as this is the 6th property we have put an offer on. Why cant we just find a normal house with a normal seller? The last offer was considerred... then the lady decided after 22 weeks on the market she didnt want to move! We lost one house as our sale fell through and the others, well I could go on and on! Moan over sorry:sad:
This repo is a big gamble isnt it?
Going to have a word with our EA then looks like could be renting and back to the drawing board.
If our searches were started a week ago, when would you expect (realistically) for us to be given a moving date. We are new to all this and which ever way things turn out, repo or not, we need to find somewhere to live and we are just sat here at the moment wondering.

sukey13

Your solicitor not your estate agent will know what stage you are at with searches. You can insure against searches anyways to speed things along if they are not back in time.

I'd go for it. We bought a repo successfully. The estate agent has to puta notice of your offer in a paper to invite further offers over. Doesn'e state which paper though so get the ad placed in the least read one around, e.g. the free junk paper not the paid for one ;0)

You need to keep on top of everything to make sure you buy the property quickly. If you are in a chain it wont help. Do you need to be in a chain? Can you remortgage out any equity and rent out your property so you are in a ftb position?

All depends on the figures really.

Doozergirl

The average time from offer to exchange is about three months. Searches started last week doesn't mean much, it depends on where everyone else is and when other people want to move. There is so much dishonesty in house buying because people feel it is better to tell you what you want to hear rather than tell the truth. I could go on all day about this...

In reality, for me when selling, it's always been more like 6-8weeks with no chain and an absolute, unpredictable nightmare if there is one! 3 months at best.

I'm sorry, I wouldn't go for it unless you really could afford to remortgage and buy and sell as two completely seperate transactions if you get a really spectacular price on the repo.

loujay_2

Thanks again,
So my solicitor will be able to tell me how the searches are going on my property. What about my buyers property? Our chain consists of 1st time buyer buying my buyers...and her buying mine and then theres me so its not a long chain. Surveys have been done, mortgages sorted, searches started.
We arent really in a position to remortgage to buy the repo.
Also the repo was put in the paper this Friday as full asking price was offered by another person who has already had his survey done. We offered £5k over this but realise hes in a better position than us. If by chance our offer was accepted, would it go in the paper again.
Thing I dont like about all this is the fact someone else can come in at any time and gazump us. I know this can happen with any sale but we are finding that once a non repo property has been surveyed the EA are classing it as sold and no further viewings.

Doozergirl

If your offer was accepted it would go in the paper again. You won't get the property taken off the market until exchange.

When you say 'mortgages sorted' do you mean you all have mortgage offers? If you have then that's good. Searches genrally take 2 weeks, but it depends on who is being dealt with. Solicitors always know how long each authoritity is currently taking, if they deal regularly, so posing the question should get the answer you need from your own solicitors; the others'?

loujay_2

Yes LOL.
Yes we all have mortgages in place, if thats the right terminology??
We are eating, sleeping houses at the moment. Just been talking about it.. yet again!! and decided to ring our solicitor tomorrow to see what he can tell me and if it seems promising then go for it. If it all goes pear shaped then we are going to sit back, rent and keep looking. At least then we will be in a good position, mind you with the luck we've had we will then become the bottom of a very large chain:D
Silly question, I know but is it normal to mither Solicitors over things like this. I dont want to come across as a neurotic mitherer, which I feel like at the moment.
Thank you for all your help.

Doozergirl

loujay wrote:

I dont want to come across as a neurotic mitherer, which I feel like at the moment.

It's what you're paying them for! If they're worth their salt, they'll offer their own advice too.

Ultimately, you haven't got much to lose by giving it a go and it's all incredibly stressful, regardless of who you buy from. You've no guarantee how trustworthy a vendor is and Mortgage lenders are quite straightforward in a way!

(Where have my feet gone? Can you see them?!)

loujay_2

Something positive then LOL
Thanks for helping me. Im sure I'll be back SOON asking for more advice.
Thanks again

evergreen

Is there a way of finding if a specific property has been repossesed?

loujay_2

There was a notice in the window of the property we are hoping to buy. We didnt know by seeing it in the paper, it was only when we had a quick look at the house prior to arranging a viewing.