Buying a repossessed house

designergraphics

Big developments!
My daughter and her fiancee took a step back over the weekend and decided that the house was a bargain if they could have had it for their first accepted offer but, although it would still be a very good buy, they didn't feel as strongly about it as they did. They'd viewed a house a few weeks ago which they loved but it was way above their affordability so they didn't like to make a cheeky offer. I phoned the EA on Saturday and made an offer but it was refused. However, they arranged via the EA to meet the vendor (it was his parents' home) at the property on Saturday afternoon, explained their position (first time buyers, mortgage offer in place etc), made an offer of what their last offer was on the repo and he accepted. The house has been taken off the market and is theirs subject to survey. He's even leaving things like cooker, fridge, dishwasher, washing machine and tumble dryer there for them so that's a big help.
It's a semi, rather than detached like the other house, but it's bigger and the whole build is of a much better quality. It needs a little updating (the last owners were elderly) but my daughter's not getting married until next August so they can do things as and when they can afford to and, at the price they paid, whatever they do will put value on the property. It's in a more desirable and expensive area and, best of all, there's a very big open green area to one side of the house with a stream running alongside the property's boundary and the back of the house overlooks a small woodland with squirrels etc. Her solicitor received all the documentation by 10.00am this morning and has already started working on it so hopefully it won't take too long.
I hope our experience might be of help to others. I suppose the main thing we've learned is to make sure you know the value of the property you're after if bids keep rising because the house might end up not being the bargain it initially seemed - and don't get too emotionally involved. Although my daughter had her heart set on the repo she's ended up with a nicer house for the same price.
Many thanks GBD2222 for all your helpful comments - much appreciated.
edit:
My daughter's final offer on the repo was accepted this morning but she's sticking with the semi. Just goes to show that 'best and final offers' aren't final until contracts are physically exchanged.

GDB2222

I'm pleased it's worked out so well. I just hope the new property is not at risk of flooding as it's close to the stream. There are maps you can check, and I suggest you do that before spending too much on surveys etc.

"I suppose the main thing we've learned is to make sure you know the value of the property you're after if bids keep rising because the house might end up not being the bargain it initially seemed - and don't get too emotionally involved."

Spot on.

GDB2222

http://www.environment-agency.gov.uk/homeandleisure/floods/default.aspx

Click on the flood map, and enter your post code. Can also check pollution, etc

designergraphics

Thanks for that GDB. I checked on the link you sent but the postcode isn't covered. However, we know the area well and we've never heard of it flooding. My daughter's fiancee has a friend living in the close behind so I'll tell him to ask to make sure. As it happens, the house is elevated above the level of the stream with steps down to the back garden so even if the stream flooded a little it wouldn't reach the house itself. The houses are built in what used to be the grounds of an old manor house that the council bought in the sixties, demolished, and turned into a public park and building plots, and they still maintain the stream and the green areas that are left in between the houses. I've posted a few photos below to show distance of the stream from the house.