want to buy a repossessed house

yabajaz

I happen to know that a flat will soon be repossessed. The mortgage company will want to get their money back - about 78,000. The flat used to be mine and I know it is now worth 140,000.
I really want to 'get in quickly - and then re-sell'
who will have the first information about it?
Will the mortgage lenders? the Bank? the local estate agent?
Can I send a letter requesting information on any repossessions comming up for sale in the area?

Any thoughts ? All replies eagerly anticipated

yabajaz

olly300

yabajaz wrote:

I happen to know that a flat will soon be repossessed. The mortgage company will want to get their money back - about 78,000. The flat used to be mine

yabajaz

This last bit sounds dodgy. I presume you sold it to someone who then let it get repossessed?

ianian99

make an offer to the present owner?

MissMotivation

It's the lenders responsibility to get as much money as possible. They have to be seen to get as close to the full market value of the property.

They will put it in the hands of an estate agent who will have to market in the usual way. If you make them an offer, they have to post a 7 day notice in the local paper asking if anyone else if interested in offering on the property.

If you are thinking that you will be able to buy this property cheap then you are going to be disappointed.

Sorry to be the bearer of bad news!

Conrad

The way investors make money is to go direct to the owner before repo is carried out. Funnily enough Ive just done this, I hoping to get a flat for £100k that I can re - sell in Spring for £125k. The owner is scheduled to go to Court in Jan for a repo hearing.

silvercar

The way to do this is to buy off the current owner to save them being repossessed.

jiggywithit

My offer for a repossessed house has been accepted. They said they have to put a notice in the paper (in 2 weeks). Can I start my mortgage proceedings and get their valuer out, or do I have to wait 2 weeks, plus 1 week of it being advertised, til I can start?

Running_Horse

Follow my links/use search function/etc etc etc.

http://forums.moneysavingexpert.com/showthread.html?t=1617235&highlight=

iscrimger

silvercar wrote: »

The way to do this is to buy off the current owner to save them being repossessed.

You can't do this if the repossession has already taken place. If the property is being marketed then a possession has already taken place.

In order to buy the owner out a prospective buyer would have to make an offer to the owner during the initial stage of repossession - as it seems this sale is already underway this route is not possible.

As has been said they have to get the best price available.

mlz1413

good grief jiggywithit, why dig up a thread from 2006!

gsusamc

Hi,,, we would like to make an offer for a house that we like but It is a repossession. We have mede an offer already but the state agent does not even take our details because they say it is a very low offer and they do not acept it,,,They said they have another offer made much higer. However how I know they are not liying just to try to make me increase my offer??
Is it legal that they do not take even my details? If they are liying and it is just an strategy to push me to come back with a higher offer and I dont do it,and they do not have any other offer in the future, or even if the offer they got is withdrawn in a near future, they will not have our details to contact us thus the house will go to auction and will be sold for much less than what we offered,,, is it this legal that there is not constancy of my offer was made before the auction?

I know state agents have to try to get the best prize, but is it normal they do not take my details? or do I have some kind of rights?

Please, I need your advice and knowledge,, my partner want to come back to the state agent with a higher offer but I believe he is exactly doing what they want,,so he wont be in a strong position for negotiating(they may say again,no we dont take your details, still low), and I want to know if there are any other solution to make them to take our details and at least consider our offer if in case the other offer is withdrawn.

Thanksssss