Buying A Repossessd House

Flash_2

I've been a 'lurker' for some while, but could now do with some advice please.

I have put in an offer on a property that has been repossessed, having seen the notice in the local paper advising that an offer had been made & anyone wishing to improve on this should apply to the estate agents. It looks as if my offer is going to be accepted as the estate agents have hinted that, of three offers, mine is the highest.

I am concerned that the repossesion company/mortgage lender will put the same notice in the paper in a few weeks time, when I've spent money on a survey, etc.

I also assume the property will be 'blacklisted' & so if I apply for a new credit card or something, I will probably have hassle.

Any advice would be appreciated, thank you.

imoneyop

Flash wrote:

I am concerned that the repossesion company/mortgage lender will put the same notice in the paper in a few weeks time, when I've spent money on a survey, etc.

The lender has a duty to get the best price possible, so it is very likely that they will put the advert in the paper again.

Flash wrote:

I also assume the property will be 'blacklisted' & so if I apply for a new credit card or something, I will probably have hassle.

Properties don't get blacklisted - your credit rating is down to you and not the address that you live at. At the worst you might have to put up with letters from debt collection agencies relating to the previous owners - just return them saying gone away.

Flash_2

Can someone also tell me what my position would be about any outstanding debts the previous owner might have had? The gas bolier looked fairly new. suposing the previous owner hadn't entirely paid for for it? What would happen if there was outstanding debt for electricity. water, etc?

silvercar

Flash wrote:

Can someone also tell me what my position would be about any outstanding debts the previous owner might have had? The gas bolier looked fairly new. suposing the previous owner hadn't entirely paid for for it? What would happen if there was outstanding debt for electricity. water, etc?

Not your problem. Utility companies will start new contracts with you. Any other company can go chase the old owners through courts/ baliffs etc. They have no right of access to retrieve property that hasn't been paid for. You purchased the house, lock, stock and barrell.

We have had that exact problem. Baliffs have asked to see utility bills in my name (to prove the previous owners have actually moved), then they toddle off to pursue them by other means.

Flash_2

imoneyop wrote:

Properties don't get blacklisted - your credit rating is down to you and not the address that you live at.

A friend of mine moved house & decided to get cable from a well known company. They were told the 'address' had an oustsanding debt of £500 & unless my friend paid what was due, they wouldn't supply it - needless to say they didn't pay!

Someone else I know moved house & went to buy a washing machine from a well known chain store & was refused credit on the grounds the address was 'blacklisted'.

silvercar

Flash wrote:

A friend of mine moved house & decided to get cable from a well known company. They were told the 'address' had an oustsanding debt of £500 & unless my friend paid what was due, they wouldn't supply it - needless to say they didn't pay!

Someone else I know moved house & went to buy a washing machine from a well known chain store & was refused credit on the grounds the address was 'blacklisted'.

All I can say is that the previous owners of my home were up to their eyeballs in debt AND ran a business from home that went bust AND have since gone bankrupt.

I have had baliffs knocking on the door looking for them but I have had no problems arranging credit for myself nor in arranging to take over utilities.