Putting in an offer on a repossessed house

Beachview_2

The estate agent said for an offer to be accepted the the asset management company, the buyer has to have had their survey done on my house first. Then they will accept my offer on the repossessed house. Is this right?

I have a small mortgage on my current house that I will be taking with me to the new house. Is there any way that the asset management company will accept that I already have a mortgage up and running and let me put in an offer on the house on that basis?

How long does it usually take a first time buyer with a mortgage in place to get a survey done?

G_M

Do you mean they want your buyer to have completed their their survey on the house you are selling?

The logic of this is that repos are generally on 30 day sale schedules. If you have not found a buyer for your own house, or that buyer has not already started the process (ie survey), then you will clearly not hit 30 days to Complete on buying the repo.

Your own mortgage is irrelevant.

Or are they saying you must have a survey done on the repo before putting in an offer? I doubt this.

Beachview_2

G_M wrote: »

Do you mean they want your buyer to have completed their their survey on the house you are selling?

Yes that's right.

G_M

Beachview wrote: »

Yes that's right.

Then I fail to understand why you think your own mortgage-porting plans make any difference.

Beachview_2

G_M wrote: »

Then I fail to understand why you think your own mortgage-porting plans make any difference.

I thought the asset management company might be happy enough to take the offer now because the mortgage is already up and running, not like somebody only taking out a mortgage where all they have is a mortgage in principle. I thought just moving a mortgage that's already in use would make it a stronger offer than a mortgage in principle.

If the mortgage is already in use now and always being paid etc, just going to get transferred, why do they need to wait for a survey from my buyer?

Any idea how long it normally takes for one of these surveys to happen?

G_M

Finding a buyer would take a lot longer than arranging a mortgage.

So the fact that you have a buyer, and they have got as far as survey, indicates to the AMC that you are in apposition to move (relatively) fast.

(of course, it ignores the possibility that your buyer might themselves have to sell a house......)

sonastin

Don't be fooled by the fact that you are already paying your mortgage - it doesn't mean anything in relation to this new property. The mortgage lender will need to do an assessment of the property you are planning to buy to confirm that it represents adequate security for the money they are lending to you. Its not like they can repossess the old house if you default now can they? So they need to know that the new place is going to be worth repossessing if there is suddenly a problem.

The asset management company knows this, so the fact that you are planning to port your current mortgage means absolutely nothing to them.

Beachview_2

G_M wrote: »

(of course, it ignores the possibility that your buyer might themselves have to sell a house......)

They're 1st time buyers

Beachview_2

Thanks all, much clearer now