Buying process for a repossession - so confused!

G_M

MegaMiniMouse wrote: »

What? I meant to say that if you expect to buy a place for a fraction of it's 'value', (whatever that might mean these days...), then don't start getting picky about whether or not the property is in 'saleable condition'!

Make an offer for a pile of bricks, and if it turns out to be a habitable dwelling, then that is a bonus...

MMM

What? 'Saleable condition?' EVERY property is saleable... at the right price.
A survey does more (hopefully) than tell the buyer he'll need to redecorate and put in double glazing.

Structural beams weakened by a poor DIY conversion? Evidence of movement? Rot?

These things may or may not deter the OP (or any other repo buyer) but finding out about them is an important part of the investigative and decision-making process.

You are right that many experienced renovators can do without a survey (and the OP HAS had a builder round) but surveys often serve a useful/valuable purpose.

sonicskies

MegaMiniMouse wrote: »

I'm not sure where the 14-day figure came from, and if it's a cash purchase, there is no requirement for a survey. If you feel the need for a surveyor's expensive opinion, then maybe you are not ready to play in this market place...

14 day figure came from the estate agents, I know survey isn't required but for peace of mind I want to know if the property is structurally sound and all the other things a survey will tell me.

helencbradshaw wrote: »

Location, Location, Location... Don't do it!

It's more that I'm hoping the location will put others off - I already live in the area and really like it, despite its reputation. I know there's a chance the area will make it harder to sell in the future, but I could quite happily stay 10 years and have a family in this house so resale value isn't a crucial issue.

sonicskies

Well the offer is now in so it's time for the waiting game!

SmlSave

Hi sonicskies good luck with your offer

Just to let you know that if you're a cash buyer you don't have to get a survey or indeed a local land search, however any solicitor worth their salt will highly recommend you to get them done so that you're in possesion of all the facts.

geoffky

we paid cash and paid for our own survey even though the house was only twelve years old...for piece of mind a survey is priceless as it takes away the nagging doubt of whether anything is wrong.

Milliewilly

The repo companies won't generally negotiate down on survey findings.

Try to pick your offer date so the advert only gets a week in the press / rightmove. I missed the local press deadline (unbeknown to me) so the offer was advertised immediately on rightmove then another 5 days went by before it could appear in the press for 7 days.

The repo company also wouldn't let me complete before the 7 day press advert timeline had expired.