Is a repossession worth the stress?

cheekychappy

The bank won't usually entertain offers in the first week. Part of the process to ensure it has a decent visibility to buyers.

Re the comment above about the bank overpricing is not correct if you read my long winded post. There appear to be many factors that decide the pricing so maybe depends what money is owed, what timescale they want it etc etc. Each property will have it's own strategy, so you would need to research the price and decide whether it's offers over or below.

jmt

cheekychappy wrote: »

The bank won't usually entertain offers in the first week. Part of the process to ensure it has a decent visibility to buyers.

Perhaps I offered too soon, who knows but I have just had a call to see if I am willing to increase my offer. This started quite a long conversation during which the EA stated facts that are total pack of lies :mad: (I rang selling agents of property that was mentioned and they confirmed actual details), so I'm not sure I would want to deal with them. I know some posters on here joke that if an EA lips are moving they are lying, but I have dealt with a few that I have genuinely felt were truthful and the whole buying/selling process has been a good experience.

cheekychappy wrote: »

Re the comment above about the bank overpricing is not correct if you read my long winded post. There appear to be many factors that decide the pricing so maybe depends what money is owed, what timescale they want it etc etc. Each property will have it's own strategy, so you would need to research the price and decide whether it's offers over or below.

My comment re price is based my knowledge of the area, not the facts that I don't know and of course only the bank/EA know the strategy they have for this property.

I'm not sure I'm cut out for the repo market, just like to deal in an honest and open way.

monty-doggy

Remember this is all at the start of the process too! It could get a whole lot messier. Imagine the neglect the property may have has as its a repo, think forward to survey and trying to negotiate that, only for some idiot to outbid you at last minute.

For the relatively small saving, is it worth your sanity? I'd say not!

jmt

monty-doggy wrote: »

Remember this is all at the start of the process too! It could get a whole lot messier. Imagine the neglect the property may have has as its a repo, think forward to survey and trying to negotiate that, only for some idiot to outbid you at last minute.

For the relatively small saving, is it worth your sanity? I'd say not!

I don't think the property has been neglected, it is nice and clean (not like some I have seen) http://www.rightmove.co.uk/property-for-sale/property-39056773.html?premiumA=true. I am coming round to the idea that I'm not cut-out for this type of buying

monty-doggy

Actually doesn't look that bad. But I suspect you will find something better soon?

kwmlondon

There are many drawbacks to a repo, you may end up having to untangle a series of financial issues from the previous owner. None of which will be your responsibility but you may have months of having to establish the fact e.g. bailiffs calling round, difficulty getting credit for a while etc.

If it's a great property at a price that makes it worthwhile then jump in but do it feet first - make sure that you KNOW the risks, and that if it does go pear-shaped you've not lost too much.

Make sure that you will only lose what you can afford to lose, if you can't afford to take the risk then hold off.

tim123456789

kwmlondon wrote: »

There are many drawbacks to a repo, you may end up having to untangle a series of financial issues from the previous owner. None of which will be your responsibility but you may have months of having to establish the fact e.g. bailiffs calling round, difficulty getting credit for a while etc.

.

Welcome to the world of "renting"!

tim

MysteryM

Has anyone had any experience with repos in the higher end of the market (i.e. 500k ish range).

Just wanted to know if it was still dog-eat-dog in regards to bidding or if the general opinion was that an offer matching what was asked should be accepted.

kwmlondon

tim123456789 wrote: »

Welcome to the world of "renting"!

tim

Oh, I lived in that world for many, many years. I lodged with my best friend for 11 years, when he messed up his mortgage payments I nearly found myself homeless...

Jonesy_McJones

kwmlondon wrote: »

There are many drawbacks to a repo, you may end up having to untangle a series of financial issues from the previous owner. None of which will be your responsibility but you may have months of having to establish the fact e.g. bailiffs calling round, difficulty getting credit for a while etc.

If it's a great property at a price that makes it worthwhile then jump in but do it feet first - make sure that you KNOW the risks, and that if it does go pear-shaped you've not lost too much.

Make sure that you will only lose what you can afford to lose, if you can't afford to take the risk then hold off.

Just put the letters back in the post-box marked "Gone away, not known at this address" and job done. Tell any bailiffs that too. You shouldn't have any difficulty with getting credit just because you've moved into a property that had been repossessed.