first time buyers; offer accepted...

prettyflamingo

we have made an offer on a house which has been accepted. the house is one which was previously repossessed and so is being sold by a company (presumably the bank or repossession company). we have been told by the estate agent that the company will want this to be turned around in between 21 and 28 days. this is fine by us as we are in no chain and of course the house is empty. my question is- can the mortgage application, survey, and conveyancing all be turned around this quickly?? also, the estate agent now keeps trying to tell us to go with a particular conveyancing company, as they will be quicker (even though they cost more) and also want us to come in to discuss mortgages as 'they may be able to get us a better deal' even though we are ready to instruct our chosen bank to do the mortgage application stuff. are they just trying the hard sell with us and trying to scare us into using companies they will get recommendation fees from?
im just totally worried about someone else coming in and making an offer, or missing the deadline, as they have said they wont take the house off the market until the contract is signed. i really really want this house!!!
if anyone can offer any advice or reassurances that would be really helpful, thanks all.

poppy10_2

prettyflamingo wrote: »

the estate agent now keeps trying to tell us to go with a particular conveyancing company, as they will be quicker (even though they cost more) and also want us to come in to discuss mortgages as 'they may be able to get us a better deal' even though we are ready to instruct our chosen bank

They can't force you to use their choice of conveyancing company or mortgage broker

Hughesy84

Repossessed house sales are a nightmare (but worth it if you get it) - ANYONE who offers more than you prior to completion date will be accepted and you will have to up your offer.

They will also advertise it in the local press that your offer has been accepted and ask if anyone wants to make a better offer.

Regina.filangie

We're in the same position. You absolutely do NOT have to use their conveyancers or mortgage brokers. We knocked £450 off their conveyancing quote by going with a recommendation from a family member (and the EA have still suggested we may have to use a different conveyancer, to which I replied no I do not!) and have found a better mortgage deal than the one the EA broker offered us. It is dog eat dog - they're in it to make money out of you, and as much as possible. The broker we saw tried to sell us 5 different insurance policies, using scaremongering tactics, which upon further research appear to be nothing short of extortionate. I'm of the opinion that they use the fact that it's a repossession to their advantage because they know you'll be terrified of losing it. Stick to your guns has been the best advice I've had with a repo. Good luck.