Buying a repossessed house

ravenfield

Hi woody, I tried to do what you suggested earlier but couldn't find out who was the previous supplier for gas and water. Can you give me any suggestion what i should do?

hethmar

Utilities are normally turned off so there isnt any damage whilst the house is empty.


My son contacted a central office for his details, but I cant remember the number now. BUT I did just find this from googling?

To find out who supplies gas to your new home, or your Meter Point Reference Number, contact the meter number helpline on 0870 608 1524. You'll need the meter number to hand in both cases.


To find out who previously supplied the electricity to your home, or your Electricity Supply Number, contact the local electricity distribution company. The number is normally in the telephone directory under 'Electricity'. You should ask for the company's Meter Point Administration Service (MPAS).

The water - well, ask the neighbours?

ravenfield

Thanks hethmar. will try your suggestions.

dottiepeas

We've seen a repo on the internet for £249,950- pics look quite nice/little damage, though has had a burst pipe during winter (been empty for the last 8mths) so has some water damage apparently.

Not viewed the house yet, but what would be a good price to start negotiating from? I heard nowadays people don't go in with low offers?..not even 10% lower?

Are repo's more likely to go for the asking price?..rather than anything lower?

Ditto

Go in with a low offer, till you agree a price with the bank or walk away because they want the asking price.
Remember that the agreed offer with be advertised in the local paper and someone might put in a higher offer. This is one of the problems with buying a repo as people will know what offer the bank has accepted and if they want that house all they have to do is offer a bit more.
Also there could be problems with the house ie vandalism from previous owner - this kind of puts me off buying a repo.

hethmar

Depends on what your own situation is. Do you have cash? or are you a first time buyer with a mortgage already agreed? They are the sort of buyers they are looking for.

dottiepeas

We are ftb's, with a mortgage agreed for £250k, but I'm worried that the bids might go for more than the asking price, inwhich we wouldn't be able to afford it. Think I will make an appointment to see this house first- but the agent said they already had 20 offers on the house!!...but none of the offers have been accepted yet, as it has to go to print in the local paper, before an offer will be accepted. (at the highest one, as it's being sold by the asset management company)....
Seems far more complicated than a normal house buy!...some abit hesitant about buying a repo!

hethmar

Blimey, 20 offers? must be something special then or seriously underpriced? (My betting is he means 20 enquiries - and probably half that if truth be known )

Still, nothing ventured ...................have a look and offer what you think its worth to you without you getting into any financial probs. Another house will turn up

cathymw

I'm in the middle of buying a repo and my completion date came and went this week because of the vendors solicitors delaying. Why do they all push for this 28 day completion and then slow down? Is it to try to get more people to see the property and more chance of me being gazumped? Surely they just want it sold, rather than an extra couple of hundred!Now I'm told by my solicitors they can't find the architects certificate for the flat (converted in 2006) and I don't even know if this is important or not....I agree with you all about the services - getting proper check by corgi plumber/electrician etc before I try to turn anything on! Doesn't appear to be any damage and think the old owner's may have left quietly but I'm not taking any chances. Oh, and a locksmith is the first person I'm calling once I finally (fingers crossed) get the keys!!!What dramas!!

johnson293

Well, another update....

We still haven't exchanged contracts, due to my buyer having not signed all the necessary paperwork, and being away on business again, returning on Monday 6th July. :wall:

Apparently once he signs this last document, everything can be exchanged - so depending what time he returns to the UK, it'll either be Monday or Tuesday next week at latest that we exchange.

We have advised the estate agent marketing the repo, who were going to advise the company selling it, but my solicitor and mortgage advisor still think we are in the best position, as we are 7 days from exchange, and our only real risk would be from a cash buyer, making a considerably higher offer. Anyone making a higher offer with a mortgage would need time to do stuff, by which time we would be in a position to exchange.

So, just gotta play the waiting game a bit longer.

Quick question though - we had hoped to exchange by yesterday, and were hoping to complete on Friday 10th July - a date we still hope to achieve.

How long would the main utilities need to transfer a service/account to a new address? I still need to check that services haven't been disconnected, rather than just switched off at the meters, but assuming best case, how long would Gas, Electric and Water need to switch over?

If we exchange next Tuesday 7th, that would only leave 3 full working days until (potential) completion. Am I cutting it a bit fine, or is the 10th July still realistic to move in and have the main services active?

Gonna ring Scottish Power (gas/electric), and Northumbrian Water today to sound them out about it anyway.

TV, Telephone and Broadband (all with Sky) isn't as urgent, and can follow on as/when.