Repossessed property. How does it work?



  • emgemg Forumite
    1.4K Posts
    Part of the Furniture Combo Breaker
    I didnt know mine was a repossession either until the EA told me when I booked the viewing.
  • ridley04ridley04 Forumite
    5 Posts
    i am going through this situation at the moment but dos'nt seem as if i will complete within 30 days as they wanted, can anyone tell me what will happen if anything if this is the case, thanks in advance
  • quaiumquaium Forumite
    104 Posts
    I'm in the process of buying a repossessed property and wanted to know if there was any way of finding out if the Estate Agent is being truthful about offers?

    Is it possible to call the bank in charge of the property and get them to give out any information on offers?
  • LiGhTfasTLiGhTfasT Forumite
    168 Posts
    Part of the Furniture 100 Posts
    Im also buying and have been gazumped by 5k after the public notice so im gonna offer 2.5k more i think and if i dont get it i'll be happy the git who won would have had to pay more.

    Next time i wont even look a repo.
  • i am in the prosess of buying a reposessed house i was due to sign today 3 hours before i signed the estate agent accepted a higher offer when i put my offer in i had to have prof i could afford the amount i was offering but the person who has gone higher than me hasnt got the proof yet that he can afford his offer but they have put us on hold for a week till he gets his mortgage im a little bit confuse cause we were due to sign so why has his offer been prosessed if he hasnt got proof he can afford it ?:mad:
  • You mean you were just signing the contract at the solicitors as part of the paperwork to exchange at some point in the future or you were due to pay the deposit and exchange in 3 hours?

    For the EA to be waiting a week I would expect the offer is significantly higher than yours. I wouldn't expect the EA to have rejected your offer unless they were confident the other party could proceed.
  • I am looking at buying a Repo, I have made an offer at the asking price, but since then someone else has come back with a higher offer.

    The EA has said they will go back to all interested parties and ask for their best offer.

    Then they will go to a 7 day notice.

    I was thinking not to put in an offer in case I was way off the mark by offering too much and waiting for the 7 day notice and then putting in a higher price.

    Would this work, I realise I could still get gazumped at the last minute;)
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