Buying a repossessed house

slugger22

I've read this thread with great interest given I have just had an offer accepted on a reposessed house. It seems like pretty much everyone posting on here has had this mysterious last minute bid coming from nowhere... I was wondering is there anyone out there who has purchased a reposessed house with the whole process running smoothly??? I want to hear some success stories! We are first time buyers with 25% deposit and we are doing our best to get everything done in the required timescale, but after reading this I'm almost resigned to the fact that we are going to be informed of another bid at some stage of the buy.

mario75

slugger22 wrote: »

I've read this thread with great interest given I have just had an offer accepted on a reposessed house. It seems like pretty much everyone posting on here has had this mysterious last minute bid coming from nowhere... I was wondering is there anyone out there who has purchased a reposessed house with the whole process running smoothly??? I want to hear some success stories! We are first time buyers with 25% deposit and we are doing our best to get everything done in the required timescale, but after reading this I'm almost resigned to the fact that we are going to be informed of another bid at some stage of the buy.

we bought reposessed house within a month. we had also 25% deposit and everything went very smoothly. Our offer was asking price so no other bidders.Luckly we live now inb our dream home nearly 2 months.

Best wishes for you!

215HAN

Hi All!

First of all I have to say this is a very very informative article and Thank You for all your views and experiences.

I am also in the process of buying a Repo home but yet to make an offer and the asking price is £164950. Property is yet to be viewed.

What I would like to know is with Repo homes, if I make an offer and ask them to gift a 5% deposit as well. For example, if I make an offer of £150000 with a gifted 5% deposit. Will they do that or not with Repo homes??

Your views are much appreciated.

GDB2222

No, nothing like that.

saroof

Hi

Can anyone help/advise?

We put in an offer on a repo which was accepted and all going smoothly, even after the public notice. Then we were contacted by EA and told that someone had put in an offer, they were a bit cagey about it all but we suddenly found ourselves in a bidding war. Weve gone up in price 4 times (to the tune of 20k), first 'best price.' then 2 interim prices before being asked for our 'best and final.' Each time we were given time constraints which didnt seem to apply to the other bidders. Our 'best and final' has just been accepted but I'm very dubious and considering dropping out despite being out of pocket quite a bit already...
Big question is - If we dropped out now can we still come back with an offer when the other parties offer goes public (if there is another party)???????
Weve been told by our EA we cant, anyone except us can put in an offer if we drop out now.
This seems strange...can anyone advise

quantic

saroof wrote: »

Hi

Can anyone help/advise?

We put in an offer on a repo which was accepted and all going smoothly, even after the public notice. Then we were contacted by EA and told that someone had put in an offer, they were a bit cagey about it all but we suddenly found ourselves in a bidding war. Weve gone up in price 4 times (to the tune of 20k), first 'best price.' then 2 interim prices before being asked for our 'best and final.' Each time we were given time constraints which didnt seem to apply to the other bidders. Our 'best and final' has just been accepted but I'm very dubious and considering dropping out despite being out of pocket quite a bit already...
Big question is - If we dropped out now can we still come back with an offer when the other parties offer goes public (if there is another party)???????
Weve been told by our EA we cant, anyone except us can put in an offer if we drop out now.
This seems strange...can anyone advise

A very similar thing happened to me, we put in an offer which was accepted, a week before the exchange they came back and said we needed to increase as the offer had been outbid. We declined to increase on our offer and pulled out.

A few months later... surprise surprise, it was still on the market. So we bid £15k less than our original accepted offer and it was accepted. This time round I asked them for a confirmation in writing of any improved offers. I think this encouraged them to stop making up imaginary offers the second time round.

GDB2222

saroof wrote: »

Weve been told by our EA we cant, anyone except us can put in an offer if we drop out now.
This seems strange...can anyone advise

This seems more than strange. The lender needs to get the best price possible from a proceedable buyer. You didn't say whether you have already had your survey done? If so, you would certainly be proceedable. If not, you should have a really good look round the market to make sure that you actually are still getting a bargain.

bripick

TheMoneyMan wrote: »

Sounds familiar! I was supposed to exchange contracts today on a repossesion I had offered the full asking price for! I heard nothing from the solicitors or EA until 4:30pm so I rang them and all of a sudden they said they've had a higher offer! They wouldn't tell me how much even though other people knew how much I had offered as it was printed in the local paper!!!

Did I make a mistake and offer the full asking price in the first place. Do they usually play games like this?

The answer is a definate yes;i;m going through the same situation at this moment.I offered the asking price on a property;my EA told me they had been multiple bids;so could i increase my offer by 1000k.I did ;1 hour later she phoned again and said the vendor is asking for best offers and it will be published in the local paper on Monday baring in mind this is the Friday tea time.I upped my offer only to think later i had been duped.It will be virtually impossible to get it published in the paper so quickly and even if it was how would anyone know apart from the Ea who has give what bid ;what if several people had placed the same bid.This is a definate con trick to raise the asking price.I dont expect anything to be in the paper tomorrow and i will expect a further phone call from my EA asking for more cash.Once bitten twice shy .I made the mistake of being to keen .Ther will be no furthe bids .I f i get the property well all well and good even though i know i will have paid to much;and if i dont well i will have learnt by my mistakes.:(

sikas

we bought a repossessed house 2 months ago, and i cant recommend it more for FTB's

the whole process took about 3 weeks, very straight-forward

we were worried about getting out-bid as it stays on the market but to my understanding Estate Agencies dont get commission on repossessions, they get a flat rate, so its a quick buck for them, so once the offer is accepted apparently they tend 'drag their heels' with other perspective offers unless they are substantially higher

i had property alerts set up on rightmove, got an email in the morning for a 3-bed semi for £82,000...(blatantly a repo) phoned em up str8 away got a viewing for the next day, offered the asking price that afternoon, got accepted...3 weeks later got the keys


4 doors down similar house for sale £125,000

:-D

GDB2222

I'm pleased that it went so smoothly for you. My own experience with repos is similar. I'm not sure what the relevance is of an inflated asking price down the road, though?