Home Buyer Protection

mhd

We have put an offer in on a repossessed house. I appreciate there are risks and we could lose out to another bidder at any time during the process.

To ensure we can at least get some money back just in case this happens i was think of getting some Home Buyer protection Insurance.

Can anyone recommend based on their experiences please?

Thanks
MHD

poppysarah

Get a speedy solicitor.
Have cash.

JQ.

Honestly, if you have to insure yourself over £1,000 of fees, I'd think long and hard about whether buying a repossession is for you.

harvey1964

I am in exactly the same position....I was told they had accepted my offer after checking that no other bidders wanted to put a higher offer in....
I am now told they may still show people round....I have engaged my solicitor to start conveyancing and also my mortgage company to start the ball rolling.
Am I right in thinking that they can accept a higher offer anytime befoer contracts are signed...
it also was a repossession by the bank.
I would not like to be out £1,000 of my money either.....for searches and solicitor fees
can anyone advise as I need to ring estate agent again tomorrow ...Not happy with this

BitterAndTwisted

Yep, they can accept another higher offer right up until the moment you exchange contracts. Until contracts are exchanged there is nothing binding the two parties

harvey1964

BitterAndTwisted wrote: »

Yep, they can accept another higher offer right up until the moment you exchange contracts. Until contracts are exchanged there is nothing binding the two parties

so why would they say they have accepted my offer.....i know it could happen if it was owned by a "person" who may have a change of heart...but surely a Repo -ie,the bank will want shot of it quickly...........Is there any guarantee i can get from the bank ?
how long does the actual completion take ? will i have to pay the full fees to the solicitor if it falls through before completion ?