House Reposessions

buzzby

Hi

Does anyone know anything about what happens when a house is reposessed?
I was in the process of buying a house, and found out today that the person we were buying it from has just had it reposessed.
Is there any chance of still getting this property through the mortgage company that will now own the house?

Any info would be grateful

MortgageMamma

Unstable ground. the original owner or anyone else for that matter can still purchase the property at any point until you have exchanged contracts. However, the good news is there is often scope for negotiation. Normally if a property is being reposessed the vendor would at least inform the estate agent to try for a faster sale - its such as shame its been reposessed from them. I do a lot of work with reposession clients and its absolutely heartbreaking sometimes. I think before you go any further it would be a good idea to establish with the estate agents what the vendors situation is and if its liekly they will be able to refinance the property. I get clients who a evicted one day and move back in a couple of weeks later as their finance on the property has completed.

buzzby

Hi

We was near completion with the vendor, and the estate agents new nothing about him not paying the mortgage. They only found out yesterday aswell.
Was thinking of finding out who he had the mortgage with and trying to still buy the same house.
I was wondering if this is possible?

MortgageMamma

but you hadn't exchanged contracts? I'm not sure how you would find out to be honest, but usually a repo warrant is issued by the local county court where the property is situated. they should be able to give you the claimaints solicitors details and perhaps you could contact them directly.