Buying Repossessions

PixelPound

Has anyone experience of whether its possible to withdraw and reoffer on a repossession? We are still in pre-contract exchange but have had an offer accepted, though had to up our initial offer once.

We are having some complications that are delaying our mortgage, so the concern is the 28 day limit imposed by the bank intermediary selling. Just wondering what the reaction might be if we withdrew and then reapplied in a week or so. Yes there would be a risk of another buyer coming in, but would the bank's intermediary be likely to refuse our new bid because we withdrew? The reason for my wanting to rebid is an unexpected windfall that would allow me to lower the LTV for the mortgage quite a bit. I realise I could overpay on a mortgage, but that's if we get a mortgage where we prefer.

ivavoucher

Last December I went over the 28 day limit because of mortgage complications without any complaint from the seller.

In you possition I would not retract my bid, rather explain if there is a short delay.

stator

Assuming you're in England then another buyer could come in at any stage and offer more than you. There is no need to withdraw. Just carry on and get things done as soon as you can. The 28 day limit isn't a deadline, if you go over it nothing bad happens automatically. In most cases as long as the purchase is moving forward towards completion then the seller will allow you to go past the 28 day limit.

Red-Squirrel_2

You don't need to withdraw, the 28 day thing isn't a strict deadline and you can't complete if it takes longer! The lender isn't going to throw away a sale that's proceeding just because it might take 32 or 35 days rather than 28.

There's always the risk of a higher offer, but there's not a lot you can do about that, just keep moving as fast as you can.

HouseBuyer77

Have you tried phoning your mortgage provider and asking about moving to a different product with a lower LTV? You may find you can switch without going through the full application once again (assuming all other financial details are the same, you just have more cash to hand). So you could get your better LTV with little delay.

PixelPound

Forgot to reply to this.

We ended up withdrawing after talking with the broker (didn't have proof of windfall at the time, and couldn't get mortgage with original LTV). Anyway the property is still available, they've since lowered the asking price, so guess the other bidder isn't interested any more? So maybe we've a second chance?

mum2one

sounds like its meant to be, if you can get the paperwork together I would go for it x