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want to buy a repossessed house
Comments
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be careful when buying a repo, we enquired about one and the agent said that even after an offer is accepted the property is still marketed, so you could be just about to exchange but if someone else puts in a higher offer the lender can accept it, we were told we needed cash or to be able to complete in 21days, which is not possible for most buyers.its only a bargain, if you need it or will use it.
:beer:0 -
You need to check with your solicitor but the charge by the mortgage in possession should go when it is sold to you. We bought a repossessed flat and have received a clear title in our names today. The last time we saw the title it had charges from the mortgagee in possession and the bankruptcy of the owner on it but they've both gone.Slight deviation from the original thread here, but if you buy a reposession at auction which has charges registered against the title deeds, will these be cleared by the mortage company on completion, or do they become the responsibility of the seller?
I believe if there are other charges, other lenders for example or the management company for old management fees, then you need to be extremely careful.0 -
We are also interested in a reposed house. Our estate agent advised us today that the mortgage company advise them not to even pass on offers below X % of the asking price until a certain number of weeks have passed etc.0
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We are also interested in a reposed house. Our estate agent advised us today that the mortgage company advise them not to even pass on offers below X % of the asking price until a certain number of weeks have passed etc.
Interesting...I see,,, this makes sense,,,, Last Friday we went to the estate agent again (almost 2 weeks after the time they did not took even our datails) and they had in consideration or offer this time,,:j they will pass on the offer to the mortgage company,:T now we are waiting the answer,,,today we should recieve a phone call.... lets see!!!,
Thaaaannnkkksssss!!;)0
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