Repossessions

ag359

Am going to look at a couple of repossessed properties over the weekened with a view to buying one. Is there anything in particular that I should consider/ask the estate agent about (that I wouldn't have to ask about a non-repossession)?

Thanks

epz_2

why they couldnt sell it before it got reposessed?

ive been to a couple of repos and they were in pretty lousy condition, radiators removed etc, it didnt bother me but the prices the bank were after didnt seem that grate considering the ammount of work needed but then im in scotland with the offers over system

Richard_Webster

Mortgage lenders solicitors won't answer a lot of the normal enquiries a solicitor raises because they won't know anything about the property.

Therefore you will have to check out the neighbourhood etc yourself.

Knock on the neighbour's doors and ask them about the property and the area. You may get bland replies but it does give you the opportunity to vet the neighbours in the sense that you might see signs of an anti-social lifestyle. Or they might tell you about the guy down the road who practices with his drum kit at 3am. If the occupier of the house was selling then he should reveal that kind of thing - but the lender will know nothing whatever about it! That's a bit extreme but there could be other anti-social things that you wouldn't necessarily be aware of - heavy delivery vehuicles at unsocial hours?

None of this kind of stuff comes up in searches, by the way, just in case you thought it did!

Also lenders don't generally let you check things like the central heating because their insurance cover assumes that the water system has been drained down and letting a CORGI man in to fill up the system and check it out sometimes breaches the insurance conditions.

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients