Buying a repossessed house

steelercaz13

mario75 wrote: »

I have put my offer in writing but till now i didnt receive any letter confirming that my offer was rejected...like they never exist..i just have enough this ea!!!!I have started bid up since the public notice was release and each time i have heard that my offer was not accepted.last week i gave 7000 more than the current offer from the person who they acting and they said that they pass this offer after 2 weeks and for now is not accepted!!!!!!! so its silly that they doesnt want to more money for repo!expecialy that he just start doing searches etc so i could easily catch him with the mortgage etc and in the end of the day exchange the contract in the same time like he will , and vendor would finish this road with more money...but unfortunetly they thinking in different way..

Hi Mario

What happened with this, did you walk away and look for a different house?

I ask because we're currently having a very similar problem with Bairstow Eves in Sheffield at the moment - a repossession that Countrywide Repossessions are dealing with, on behalf of the mortgagee (Countrywide plc!), but the EA seems not be passing on certain information to the repossession company and we've subsequently lost out to a cash offer of less than our offer, despite the fact we can complete in 2-3 weeks ourselves. Very annoying! :mad:

Also which branch of Bairstow Eves was it, out of curiosity?

Hope you're sorted one way or another!

jonezey

hi all
in process of buying a repo im a ftb 25% deposit offer accepted, survey done, mortgage accepted, forms signed with solicitor, funds transfered to solicitor for exchange. Yesterday (Four days before exchange) a call from ea "there is a similar offer on the table to yours we would like your final offer". I didnt give them any offer but contacted my solicitor who said we could probably exchange tomorrow. I contacted the ea and advised them of this and they said they would contact me tomorrow to check the progress. My solicitor is ready to exchange but has been unsuccessful today as he said the vendor hasnt done their part. I then received another call from the ea however i was working a late shift and missed the call. This is now driving me crazy should i offer more or just ignore the ea and hope we can exchange ASAP. The survey came back with the property being worth the same as my bid will this affect me raising my offer? Do you think my position (being ready to exchange) should sway it for me? Please reply as im have no idea what i should do.

jonezey

change of events today solicitor contacted me to tell me that the other offer on the table was stopping the exchange, so i decided to contact the ea. They asked me to up my bid as there was a higher offer but i said this was my final offer and that i am ready to exchange today and that if i upped my bid there would be no way i could exchange and complete before christmas. They then said they would have to send my response to the vender and await their response and they would contact me latter. I have not herd from them again today however my solicitor has just called and told me we have exchanged and we are going to complete friday. :j

jack_spratt_2

Congratulations on exchanging contracts !!

I just wonder if these mysterious last minute offers and asking you to put your best offer in is more a tactic used by estate agents to

1- push the price up

2- to push the sale through

I had a friend who has just purchased a repossession and the sale followed a similar pattern as yours !! Cash buyers showing interest in the bidding stage !! another cash buyer going to put an offer in just before exchange of contracts

jonezey

Totally agree but i think its more the 1st one as they knew i was already suppossed to complete friday, worst thing is you cant tell if their lying about bids. I would love to know if there was really another bid. Buying a repo is an emotional rollercoaster and i would recomend that anyone looking to buy a repo looks into the in's and out's of it before jumping in (which i wish i had done) as the process can be a complete nightmare and you will probably need plenty of beer and cigs. This thread is a very good read for anyone thinking about buying a repo or in the middle of one and helped me with my decision making, so thanks all

Jan10

Hi, I expect to sign contracts next week on a rep house. When I made the offer ( 29/10/09) there was some furniture there and a notice on the window saying all items had to be cleared by 14/10/09. I have peered through the windows today and much of the most useful items have gone. An old looking washing machine remains. What is the position on this? They seem to have taken the best and left the rubbish for me to clear. So much needs doing to the house that it was going to be a way of clawing back a small amount of money. Any advice appreciated.

johnson293

Jan10 wrote: »

Hi, I expect to sign contracts next week on a rep house. When I made the offer ( 29/10/09) there was some furniture there and a notice on the window saying all items had to be cleared by 14/10/09. I have peered through the windows today and much of the most useful items have gone. An old looking washing machine remains. What is the position on this? They seem to have taken the best and left the rubbish for me to clear. So much needs doing to the house that it was going to be a way of clawing back a small amount of money. Any advice appreciated.

I had a similar situation.

When we viewed the house, there was a fairly decent washing machine and fridge freezer in the kitchen, as well as some items in the lounge and dining room, including an exercise bench, a set of wood and metal garden furniture, some picture frames and other 'rubbish'.

When we asked the EA, he told us that everything left in the house would be removed before completion.

When we moved in, the washing machine and fridge freezer were gone, but the rest of the items were left. The garden furniture had been moved out of the house into the garage. When I asked the solicitor, he said that he could ask the repo vendors to arrange the items to be removed, but if they refused, there was little he could do, and the items were technically now mine.

We ended up selling some of the items on ebay, and taking the rest to the local recycling centre. We kept and used the garden furniture in the late summer as it was in good condition. So it wasn't all bad.

I was advised by my solicitor that becasue it was a repo, anything left in the house upon completion was deemed to be mine with the house - and if it was rubbish, there wasn't really a vendor in the usual sense to chase up to remove the stuff. It was only really anything of value that they were bothered about removing to help towards debts.

mario75

Hi all

Could any one help me.
I am acting mortgage from natwest for repo house,and everything would be find beyone fact that bank said t5hsat the house is in not habitable state and they will not give me mortgage untill house will be in goode state !!!!!why??? i am aware of tyhe condition of the property and i have money to renovate property.
what do next?
find another bank?

Milliewilly

If the Natwest say no then the other banks will probably be the same as they often share the same surveyors. Can you fund a larger deposit? What is wrong with the house - do you mean a retainer on the mortgage or they simply won't lend at all? If its the latter then you will struggle.

JerKar

Congratulations Jonezey for sticking to your guns! We were in a similar position about 6 months back and lost out that time, but have got the experience and understanding of how it all works now, and the games the EA play!

Bring on the New Year!