Buying a repossessed house

STOTTYCAKE_2

My pregnant sister and her husband have sold their house as they need a bigger house, to a first time buyer-surveyor is coming on Tuesday. Also, her father is standing guarantor so can't foresee problems-though never say never!
My sister has seen a house which is up with an estate agent and has been repossessed. It is in an unkempt state, water, gas and electric turned off. The bank who owns it have turned down an offer of 151000 from another interested party. the house is up for 175000 which is the going rate of a house which is in good condition. My sis is going to offer maximum 160000-but has booked 2 builders to view it to advise as to cost of doing it up.
My query is, what are the experiences of others who have bought repossessions-is it a nightmare or an opportunity .
How long does all this take? The estate agents have said if her offer is accepted it needs to be completed in 28 days-why?

david29dpo

i have bought lots of repos. most go to auction, some are with agents and then go for auction if not sold. i have seen lots with agents asking silly money but the lender has to be seen trying to get as much as possible. i have never had any problems buying through an agent but its standard practice to exchange in 14-28 days. no sure why, properly the lenders request. i have had offers turned down with agents and then got it cheaper at auction!

brock-cruse

Hi
We are in exactly the same position. FTB buying ours and we are buying a repo. IS there anyone else interested in the repo. The bank took us right upto 5k below asking price but it was still worth it! Once we had sold they were pushing us to put in offer but i said i couldnt do the 28 day time constraint. The bank eventually said they would be relaxed about this so eventually got it all sorted. So long as things proceed fairly quickly and smoothly. However, our repo house had been on the market a while with only really low offers that were all refused. Think they are just glad that they have finally got rid of it!! We should have exchanged last Tues but we are still waiting searches and other minor issues. Fingers crossed though things are progressing.