Buying a repossessed house that isn't on the market?

MrsR90

Does anybody have any experience, or could point me in the right direction regarding buying a property that was repossessed years ago and is just lying empty?

The property in question was initially put up for sale by the owners almost 10 years ago, but never sold. It was repossessed by the bank (have an idea which one) approximately 3/4 years ago and has been off the market ever since. I have had my eye on it since day one but have never been in a position to buy it, until now.

I know I can search the Land Registry and it might tell me who the property is registered with (only necessary in N. Ireland since 2004). But if it is a bank, can i approach them re: making an offer or do I just have to wait until it comes back on the market? My local estate agents have both said it is very strange that is remains off the market for no reason (they both tried (and failed) to sell it a number of years ago and therefore know the background of the house).

I am not concerned about the condition of the house and know it didn't sell initially due to being hugely over priced. It is very close to my childhood home and so I am very emotionally attached to this house. We want to buy it as a home and so are not concerned re: expenditure needed on it.

My concern is how I am supposed to get my hands on it when the bank are just sitting on it!

We are inexperienced in buying/selling houses (bought our first and only home 10 years ago) and would welcome any opinions about how we might approach this. I can't rest until I get to the bottom of it but am totally unsure as to the process of buying a repossessed and not on the market house.

Many thanks in advance

G_M

Ring or write to the bank's head office and ask for the repossessions dept.

davidmcn

Could be some sort of problem with the bank's security meaning they don't have the power to sell (or they've found some other problem with the title which they've been trying to fix).

Could be a prior-ranking creditor meaning the creditor in possession has effectively found themselves in negative equity and can't sell without the other creditor agreeing.

Not sure of exact requirements in N Ireland but elsewhere lenders need to demonstrate that they have marketed the property, so they may be prevented from doing any sort of "private" deal with you.

MrsR90

Thank you. This is the sort of info I need