Buying a Repossessed House

steveodan

Hi everyone,

I wonder if anyone can offer me some advice. I recently accepted an offer on my flat and have viewed a really nice house that has been repossessed. Its on the Market for 129,995. I made an offer for 125,000 that was rejected.

My questions are:

1) I was just wondering if it is usual to have to bid the asking price to get an offer accepted on a repossession?

2) I'm looking at getting a mortgage with either Nottingham Building Society or Santander. Does anyone know if either of these are quick to issue an offer and do either of them have a tendency to downvalue properties?

3) Am i likely to be able to get a mortgage when the previous owner has taken away the boiler?

Thanks in advance. Any advice would be really appreciated

_s79

I would have expected that offer to be accepted. On a repossession flat my offer was accepted 23K under (I offered 95K and the asking price was 118K)

steveodan

I think i made a mistake of making an offer too early (it had only been on the market 5 days).

However saying that it is better than anything else I have seen on the market for that price in the area i'm looking

_s79

steveodan wrote: »

I think i made a mistake of making an offer too early (it had only been on the market 5 days).

However saying that it is better than anything else I have seen on the market for that price in the area i'm looking

I would ask the agent to just contact you when they decide to drop the price and that your offer still stands for now. Ask them to keep you informed of other similar properties etc. Perhaps you came across as too keen. Strengthen your case by giving them such details as; First Time Buyer? Healthy deposit in place, solicitors arranged, AIP in place etc.

steveodan

Thank you for the advice, I think that what you have suggested makes sense. Just got to hold my nerve and hopefully they will come back to me soon

PasturesNew

Maybe part of the reason your offer was rejected was because you didn't provide evidence/information to prove you've done your homework and are ready and able to proceed quickly with it.

Once you've exchanged, if you've got a Mortgage in Principal in place, and can go back to them with facts, figures and timelines they might accept your offer.

steveodan

I am not a first time buyer but the person buying my flat is not in a chain. I have shown proof of deposit (only 10% unfortunately) to the Estate Agents. I would be happy to use the Estate Agents own conveyancers and I have an agreement in principle with a lender

steveodan

Ok I think I will wait until i've exchanged contracts on my flat, then i should be able to present a stronger case

steveodan

Just had an offer accepted on the house at 127K. Now been given 28 days to exchange contracts. Looks like its going to be a long month!!! But it will be worth it if it all works out!

G_M

Just don't count your chickens. The agent will now place an ad in the paper "We have accepted an offer of £127K on (address). Anyone wishing to make a higher offer should contact (details)"

They will continue to market the property till Exchange, and will accept any (significantly) higher offer, especially from a cash buyer able to proceed fast.

Get to Exchange as soon as you can.

split_second

steveodan wrote: »

Hi everyone,

I wonder if anyone can offer me some advice. I recently accepted an offer on my flat and have viewed a really nice house that has been repossessed. Its on the Market for 129,995. I made an offer for 125,000 that was rejected.

My questions are:

1) I was just wondering if it is usual to have to bid the asking price to get an offer accepted on a repossession?

2) I'm looking at getting a mortgage with either Nottingham Building Society or Santander. Does anyone know if either of these are quick to issue an offer and do either of them have a tendency to downvalue properties?

3) Am i likely to be able to get a mortgage when the previous owner has taken away the boiler?

Thanks in advance. Any advice would be really appreciated

1. yes
2. santander are notoriously slow, nationwide are quick
3. yes, but with a repo expect a retention on the mortgage