Buying a repossessed house

simo11

Goleo wrote: »

Thanks. Seems like i could lose the house after i had gotten underway with all the survey stuff etc. I am a ftb so in a good position i think. It's just a worry that someone could offer more and get it. Would i get the chance to offer more than them?

yes you can offer more than the scumbags coming in after you.i had to do it todays,im days away from completing and until you actually sign the thieving !!!!!!!s will drop you like a lead balloon , not happy at all

Milliewilly

simo11 wrote: »

yes you can offer more than the scumbags coming in after you.i had to do it todays,im days away from completing and until you actually sign the thieving !!!!!!!s will drop you like a lead balloon , not happy at all

Nothing to do with thieving thats the deal with repo's until you exchange its no secret.

mario75

Milliewilly wrote: »

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.

They just say that thwy keep full retntion of moortgage untill all jobs will be done.
Now I am waiting what the venor says..

MELISSASHAUN

Hello,

Can someone tell me how I create a new post/thread??? I have questions along this same sort of area, and need some much needed advice.

Thanks

g_attrill

MELISSASHAUN wrote: »

Hello,

Can someone tell me how I create a new post/thread??? I have questions along this same sort of area, and need some much needed advice.

Thanks

In the page with the list of threads (here) click "New Thread" button at the top left

ja_salford_blue

Hi, this is my first post on this site so please bear with me,

me and my partner (first time buyers) are in the process of buying a repossesed house.

The house had been up of 5-6 months for £110k, we had an offer of £105k acepted.

I applied for a mortgage and appointed a Conveyancing Solicitor. The mortgage was approved and the Building society's valuation was approved for the £105k, and I have recieved my official mortgage offer. The Conveyancers searches also came back fine and we were expecting to complete next week.

However this morning I rang the Estate Agent to say I had my offical mortgage offer and valuation report, & he told me that another offer has been made for the asking price of £110K and can I match it. He also said that as it was £5k more than mine it will proberbly be acepted.

There is no way I can lend anymore, I really dont know what to do! as I have already paid the mortgage fee and some solicitor fees

johnson293

ja salford blue, sorry to hear that you may have been gazumped, but unfortunately that is the risk with buying any house, but moreso a Repossession - nothing is certain until exchange of contracts.

I also bought a repo, and it was always a worry for us, especially when our buyer was dragging his heels, as we just wanted to get to exchange as quick as possible.

This could be an 11th hour attempt to get more money out of you - but if you cannot afford to raise your offer, you will just have to advise the EA/solicitor of this, and see whether this 'new offer' disappears, or not.

I have heard/read of this tactic being used before, where an alleged late/higher bid comes in, but if you stick to your guns, it then falls through, and they revert back to your offer. Luckily it didn't happen to us.

If you are that close to exchange/completion, it does seem odd that they would accept a new buyers offer of £5k more, as the potential new buyers will have to start the whole survey/valuation and legal process that you are almost finished on, and on a house that they haven't been able to sell for 5-6 months..

But unfortunately, if your offer/purchase falls through, you will lose any legal fees already incurred.

Sorry can't be more help, but good luck, and hope things work out.

ja_salford_blue

johnson293 wrote: »

ja salford blue, sorry to hear that you may have been gazumped, but unfortunately that is the risk with buying any house, but moreso a Repossession - nothing is certain until exchange of contracts.

I also bought a repo, and it was always a worry for us, especially when our buyer was dragging his heels, as we just wanted to get to exchange as quick as possible.

This could be an 11th hour attempt to get more money out of you - but if you cannot afford to raise your offer, you will just have to advise the EA/solicitor of this, and see whether this 'new offer' disappears, or not.

I have heard/read of this tactic being used before, where an alleged late/higher bid comes in, but if you stick to your guns, it then falls through, and they revert back to your offer. Luckily it didn't happen to us.

If you are that close to exchange/completion, it does seem odd that they would accept a new buyers offer of £5k more, as the potential new buyers will have to start the whole survey/valuation and legal process that you are almost finished on, and on a house that they haven't been able to sell for 5-6 months..

But unfortunately, if your offer/purchase falls through, you will lose any legal fees already incurred.

Sorry can't be more help, but good luck, and hope things work out.

Thanks for the advice I will let you know how things pan out

mario75

hi

have you sort it out everything with your house ja salford blue?

johnson293

ja_salford_blue wrote: »

Thanks for the advice I will let you know how things pan out

Any more news/progress on this yet?