Completion date on repossessed house

$17mma

Hello all

We have a date set for completion on a repossessed property that we are buying.

We want the repossessing bank to move the date from 30th Nov to 1st December. This will make a massive difference to us, reason being if we complete on 30th our first mortgage payment will be on the 15th December.

However if we complete on 1st Dec, our first payment wont be due until 1st Jan 07.

The repossessing bank have dug their heels in and want us to complete on 30th and do not seem like they are budging. We dont want to loose the house cause of all the money we have already paid out etc...but really want to complete on the 1st.

Will the bank pull out so close to completion? whilst we will loose money, they would have to face trying to sell the property all over again. Doesnt make sense to me and dont understand why they wont move one day

Can anyone shed some light on this?

loujay_2

Probably of no relevance at all but we too are buying a repo and completion was set for the 7th Dec. Due to the FTB at the bottom of the chain threatenning to pull out, this has been brought forward to the 30th Nov. The repo EA is overjoyed as he gets a bigger bonus/commision at month end, maybe the banks have a similar thing too???
When ringing round the utilities, one of them said everyones moving on the 30th?

DavidHM

Have you exchanged or are you doing simultaneous exchange/completion?

carrielouise80

i would imagine it would have something to do with the month end and the bank will not be able to allow the matter to go on for another month, albeit by only 24 hours.

I very much doubt they will back down on this i'm afraid, from experience repossessions companies do not show compassion, they do not see the property as a potential home for someone - it is merely a business transaction.

Sorry to seem somewhat negative - GOOD LUCK!

Somerset

I've just bought a repo and the timetable was set in stone. In our case the local searches couldn't possibly come back in time but I was confident they'd be ok so went ahead anyway. Both the E.A. and my solicitor said the deadline was too tight to be done - but the lender was adament. It was very much take it or leave it. I didn't want to risk losing it so completed on time. Whether it makes sense or not, they don't seem to care about losing the sale.

david29dpo

same hear. i had to complete in 14 days, take it of leave it. it was fun running around like something gone mad but i did it!.

space_rider

I lost on a rep cos I couldnt complete cos of first time buyer. They put it out for auction just a day after I should have completed. Strangely enough the person who bought it at auction has offered to sell it to me for the same price I was going to buy it for initially. I am quite sure they didnt get the price I was going to pay so they cut their nose off to spite their face.

$17mma

We have already exchanged.

Looks like they want this thing tied up before the end of the month.:sad: