Buying a repo- completion today- few qus

Caleb11

Hi I'm in the process of buying a repo and due to complete today. Just wondering about a few things?
Assuming the people who lived there previously had bad unsecured debt- what do I do about this? What happens if I get mail or debt collectors coming round? Is there anyway I could be liable?

Also- would the seller- the bank always chane the locks? If I was buying a house from a normal seller I would change the locks but I don't know if the locks were changed a couple of weeks ago when it was repossessed- I'm assuming so but can anyone confirm?

Also has anyone got experience of buying a repo? This is my first property purchase and for some reason I'm a bit worried that the people who got repossessed are not happy and come round to the house when I'm in there alone or something. I know it's silly but they have put holes in walls and took all fittings ect so don't know if they would seek revenge once I'm in even though obv it isn't my fault.

Thanks

Yorkie1

Debt attaches to people and to properties so you won't be personally liable. Return mail to sender, and best to keep some copy ID near the door to show anyone who might come calling.

I would change the locks anyway. It's not too difficult or expensive to change most barrels.

None of us have a crystal ball or know the previous occupiers so cannot say whether they will or won't turn up. However I don't ever recall hearing this sort of attack on the news ...

nikki1520

We bought a repo 3 years ago, and it seems the message is finally getting through - I don't know how many letters we have returned, but it probably runs into hundreds. Most of them from the bank who did the repossessing! Apparently the systems automatically generate letters sent to the last known address. Even if the system should know that the person is no longer there! Total farce.

After a while, I started opening anything obviously from a financial institution, utility provider or a debt collector, phoning them up and explaining - most told me that letters returned to sender are ignored as this is how some people choose to deal with their debts.

The guy hadn't even told hios credit card company - they sent out a nice shiny new card, so I phoned the company and they asked me to destroy it, which I did. Crazy, huh?

Caleb11

theartfullodger wrote: »

Wonder if the neighbours will view you with suspicion (b****ard speculator profiting from Janet & John's sad problems..) or relief.. (thank FSM that someone's finally moving in & will sort out the mess and rubbish..).

Oooh i hope its the last. Id hate to be hated on the street for taking their house! Although i went round at the weekend there to show my mum the house and we were having a look around and the neighbour through the wall came out and seemed quite pleasent so fingers crossed!