House viewing advice

peterc2609

I have seen a house that I may be interested in and have arranged a viewing for Saturday morning.

I will be viewing with someone else.

The house was originally up for 150k and is now reduced to 127k. I have found out that it is a repossession.

I have never done this kind of thing before.

What should I be looking out for? should I question the other viewer about anythign etc etc????

Help....

Beanz

From my own experience... look behind any sofas!

When I bought my house and the previous tenant moved out they left a nasty burger (or similar) that had obviously fallen behind/under the couch and rotted all the floor....

!

Danny

fargo_3

If you get to the next stage a surveyor will do the detailed damp/structural etc.. checks. You are looking to see if you like the house and where the house is - ask the owner what the neighbours are like, what the community is like, has he had to do any major repairs to the roof etc....etc...

MJMum

If it is repo, you will need to be able to move quickly so you must get your mortgage agreed in principle asap, if you have not already done so. Also sort yourself a solicitor\conveyancer so you are ready to go if you like the place - else you may be disappointed. (There is often a lot of interest in these properties as they are usually priced to sell quickly).

If it is a repo, you will almost certainly not get to ask the owner anything, as they will not be there!

peterc2609

So what should I do to get the mortgage in principle? Can I do it online???

This is basically something that has come up quickly. I only decided to start searching on Friday! And this was found by a mate of mine, and I arranged viewing today.

I earn 50k as a self employed contractor. I don't really have a deposit of 10% as I've been silly with my money, buying nice things and holidays.... But could prob get 5% together.

With repo's it is a good idea to offer a real low price... as this house has gone from 150k to 127k in a few weeks.

So If I say offered 105k.... as the company will only be looking to get their money back won't they?????????

Thanks for all your help

chant1l

The property will be marketed right up to the last point and so you could be easily gazumped.
Prepare to be dissappointed with the interior as repos have often been trashed by their owners as a final two fingers to the bank. This actually takes money out of their own pockets.
Also don't assume that because it is a repo it is cheap, people get overexcited about these and auction houses and often overpay.

peterc2609

what about mortgage principle... can I do it online?

Doozergirl

You need to see an independent mortgage broker who will search the market for the best deal from every mortgage out there.

If you want it doing quickly, ask for some advice and post some figures on the Mortgages board here, see if someone can recommend something for you .

MJMum

[With repo's it is a good idea to offer a real low price... as this house has gone from 150k to 127k in a few weeks.
/QUOTE]

It sounds as though it is now priced to sell. Perhaps it was already on the market by the owner (sometimes people can't sell quickly enough to avoid the repo - I feel really sorry for them when that happens). You need to look at comparable properties in the area to find out if this is the case - if so, expect to pay the asking price or very close to, as the corporate client (repo company) will have priced it at what they are expecting to get for it with a quick sale.

Re. the mortgage - book yourself in to see a broker. But DO take a bit of time to consider your options - you sound as though you may be rushing into things a bit?