does any1 no how reposesion works?

fkelanne

hiya all,we went to have a look at a house the other week, its up for £100000, but we dont think its worth this mush as it needs new kitchen new bath room etc. we offered £65 for it as we no the owner and found out that he is goin bankrupt and she can afford to pay the rest of morg, so the house is getting reposested (they getting a divoice). she didnt want to take the offer of £65000. We would really like this house for the lowest price.
What happens now? does any1 no how reposesion works?

advent1122

It will go to auction. (probably)

yellowlawn

Always remember were money owed is concerned this rule of thumb:

Whenever anyone lends or loans you money for anything, there first and often only concern is how quickly can I get this money back from this individual. Even if it means only a percentage of it if I have to cut my losses and run.

Often in these cases an Administrator will be put in charge of all your financial affairs, there job is to get as much money back for the Creditors as possible. Contact the person or company who has been charged with looking after the financial affairs directly and make them an offer. They have an idea of how much it will go for at auction, and if you beat that and come up with the money straight away you may get lucky.

loujay_2

Weve just bought a reposession. Exchanged today :j move tomorrow :eek: We had to offer £5k over the asking price as someone beat us to it. This too needs general updating inc bathroom, kitchen.
We didnt know who had it before and offered through an estate agent. You get 28 days in which to complete give or take a few days and it is hard. It also goes in the paper as a public notice allowing someone else to outbid you. We were told that right up to exchange we risked being outbid too
I suppose if you arent dealing with a sale too then its easily acheivable although we had a great sol and managed it. It was the mortgage and searches that took time for us.
I dont think we got a mega bargain but then we didnt even know it was a repo until we viewed it so we were happy with what we paid.
Good luck

pigpen

If it was vlued at £100k and you offered £65k I'd refuse too.. regardless of my ability to pay or not pay the remainder!

If she is declared bankrupt before she exchanges contracts the courts will take the house and auction it for the highest price they can get in order to cover some of her debts. Unless she makes an arrangement with the mortgage company and they will intervene and she will be 'allowed' to complete the sale. (which is what our seller had to do last year when we bought this place)

If it is repossessed and goes to auction it will be advertised in the local press and you will not be allowed to put in a bid at the auction unless you can prove you can get a mortgage for the relevant amount. So you need in effect an 'agreement in principal' from a mortgage lender which some do charge for!! The auctioneers will ask to see it before they complete the sale.

We looked at buying repo's too because we needed something with 5+ bedrooms and they don't come up very often.

MissMotivation

fkelanne wrote:

hiya all,we went to have a look at a house the other week, its up for £100000, but we dont think its worth this mush as it needs new kitchen new bath room etc. we offered £65 for it as we no the owner and found out that he is goin bankrupt and she can afford to pay the rest of morg, so the house is getting reposested (they getting a divoice). she didnt want to take the offer of £65000. We would really like this house for the lowest price.
What happens now? does any1 no how reposesion works?

So basically you are looking to profit out of other peoples misfortune?

PanjabiMunda

please check your PM

Regards

fkelanne

MissMotivation wrote:

So basically you are looking to profit out of other peoples misfortune?

So you would want to buy a house for the lowest price pos!!! Ud b silly not 2.

no we arent wanting to make a profit would be nice but we would prob b in it for life as its where we want to live, we only offered £65 for it because we hadnt went to see it at that point. Also its been on the market for over 3 year. Its up for £100000 but in my eyes the way it is now they wouldnt get £100000 for it.
She isnt goin bankrupt tho, they have asked her if she can pay the mortgage back till jan so they havent payed it since them.

Pobby

MissMotivation wrote:

So basically you are looking to profit out of other peoples misfortune?

Sadly this what happens in life.Why are there so many scams out there,old folks ripped off of their savings,often by very clever and legitimate looking people.The whole Farepak disaster,do you think that Sir S---head resting on his Carribean holiday gives a flying b-llock for those that suffer.Nah,the old witch Thatcher whipped up the greed and the Nuuuuuuuuuuu Labour lot kept the whole thing going.In my 50`s now and ashamed of what I see going on around me.Ohhh,just remembered a funny word---could it be morals?

silvercar

the seller's thinking seems muddled. Are they handing back the keys or are they being repossessed. Is it repossession as a result of bankruptcy or being repossessed without bankruptcy?

If they are going bankrupt the sellers won't care how much the house sells for as they won't see any of the money. Maybe they are being repossessed to force the bank to sell it and avoid bankruptcy.

The situation you want to avoid is to exchange on a sale and then the owners to be made bankrupt before completion. In this case, the seller's won't be in a position to complete with you and your completion will be delayed and possibly not happen. As they have gone bankrupt there won't be anyone to sue for your losses. Your deposit could be lost.

emg

I am in the process of buying a repossession and it went to a normal estate agent rather than an auction.