Valuation stage of buying repossession

FTBuyer2013

Hi folks

Ok so i'm currently in process of buying a repossession (im a FTB) so far so good, valuation being done this morning, does anyone know the time between valuation and exchange of contracts?

Increasingly nervous of getting gazumped

Thrugelmir

You need to obtain a mortgage offer before things can really get moving.

dimbo61

The estate agent will market the the property until the day you get the keys!!!!

Hobbers83

As above, the valuation is the stage before getting a confirmed mortgage offer. As for time between valuation and exchange, it depends on the property. I purchased a repossesion last year and it took about 6 weeks to go from valuation to exchange but this was complicated by various factors (one of was the valuation was lower than the offer I'd made).

Best person to ask for a time frame would be your solicitor who will no doubt have dealt with many repossession purchases and will be able to advise you.

Retro_Bunny

dimbo61 wrote: »

The estate agent will market the the property until the day you get the keys!!!!

Not unless you make it a condition of the offer for the house to be withdrawn?

FTBuyer2013

Can you do that on a repossession

Thrugelmir

Retro_Bunny wrote: »

Not unless you make it a condition of the offer for the house to be withdrawn?

Agent is under a duty to obtain the best price. So not uncommon for contract race to develop.

Retro_Bunny

FTBuyer2013 wrote: »

Can you do that on a repossession

Ours did (bought repossession in 2008, but cash buyer and completed in 9 days!)

Always make it a condition of the offer on any house - the worst thing they can do is say "no, we still have to market it".