buying a repossed property in glasgow

epz_2

ive been to look to at a property which is quite frankly a bit of a reck, its had the kitchen, fireplaces, all heating and bits of walls removed, needs new windows (on the 3rd floor so should be fun).

anyway its on for offers over 60k and one of the reasons im thinking about it is apart from being close to my regular pubs is i genuinely belive the markets due for a correction and i woulnt get spanked to bad if i buy a cheap wreck.

anyway im a ftb and am off to speak to the estate agents morgage punter tomorrow, cant hurt to listen to his speel & ill still get a few quotes but ive a few questions id apreciate feedback on.

1) are EA's allowed to lie about bids or how much has been offered

2) am i defiantly not liable for debts incured on the property, the electricity meter has a grand outstanding

3) what sort off offers over % do reposessions go for

4) any other issues i could get with a repo

5) how best to bid, i was thinking on an ebay stratigy of waiting till the closing date and making my mind up/ puting a punt in.

6) the generic anything else i should know

Doozergirl

1) are EA's allowed to lie about bids or how much has been offered

They can't and won't tell you.

2) am i defiantly not liable for debts incured on the property, the electricity meter has a grand outstanding

WOW! No you're not liable for the debt though the electricity company will give you a bit of a hard time. We had to pay £50 to get reconnected which was taken each week from the meter when we put extra in. After four weeks you can have the meter changed for a 'real' one.

3) what sort off offers over % do reposessions go for
Can't help on that.

4) any other issues i could get with a repo
Lots of bailiff post and maybe some knocks at the door. It's not your problem however and a bit of ID will send them away. tbh I've opened the obvious bailiff post we've ever received and informed them of the situation.

5) how best to bid, i was thinking on an ebay stratigy of waiting till the closing date and making my mind up/ puting a punt in.

That's generally what people do - just in case the EA is friendly with another potential buyer I think.

6) the generic anything else i should know.

Make sure your solicitor gets the service charge debts cleared by the mortgage company. We did get the existing cleared but got hit for about £250 because that year's accounts hadn't been compiled and they didn't know what the surcharge would be. We did take it to the sols but that IS our problem unfortunately. Considering the price we paid, I'll take it on the chin.

Good Luck!

epz_2

just a quick bump but it was sold to the last owner on 20/9/05 so basicly 15 months ago for 64k, not sure about the condition but i doubt it could have been much worse than currently so any idea what its worth offering.

aparently it has had 77 viewings, 4 notes of interest and one has had a survey done, any opinions on what to offer.