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Buying a repossession... is it worth it?

245

Comments

  • henrypootle
    henrypootle Posts: 109 Forumite
    Well the offer we made on Monday has been rejected. We've left it on the table for the moment. We are thinking of phoning again later in the week and upping it a bit. As far as we know there hasn't been any other interest so taking our time may work out.
    Henry Pootle (aka Piglet) :)

  • fromtheshires
    fromtheshires Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    How much under did you offer? Usually reposessions are heavily discounted anyway to get them shifted. I would look at very near the asking price if you want it
  • henrypootle
    henrypootle Posts: 109 Forumite
    Property is on at 260 and we went in at 245. Estate agent said they are looking for a bit nearer the asking price.
    Henry Pootle (aka Piglet) :)

  • fromtheshires
    fromtheshires Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    At that price, you will need to go in at 255 plus I would have thought.
    It depends on how much you like the house as the bank need to make the most they can so if someone puts a higher offer in they will go with them unless you are pretty much completed.
  • henrypootle
    henrypootle Posts: 109 Forumite
    Put second offer in on Friday and now although they haven't rejected or accepted it they've asked to see mortgage DIP. Hoping this is a good sign?
    Henry Pootle (aka Piglet) :)

  • fromtheshires
    fromtheshires Posts: 313 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    henrypootle wrote: »
    Put second offer in on Friday and now although they haven't rejected or accepted it they've asked to see mortgage DIP. Hoping this is a good sign?

    As long as your DIP is in place etc, it is likely they will accept.

    How much did you offer?
  • antilles
    antilles Posts: 365 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    edited 22 August 2017 at 9:14PM
    I bought a repo in 2013 for 45k, spend around 5k doing it up, lived in it for a while and sold it for 70k a couple of years later. Looked like a mess but all of the work was superficial. It is worth the risk if the price is good.

    Basically as has been already said, make sure all your paperwork, DIP etc, is ready to go, and make sure you have a fast conveyancer, the faster the better as it gives other people less chance to gazump you. From offer to completion took me 22 days I think, a couple of higher offers were received right near the end of the process but they didn't have their paperwork in order so I managed to bag it.

    Also make sure you use a lender who moves quickly, in my case Satander were very quick with mortgage approval.

    It's quite a scary process as you can lose the sale at any time, but worth it in my view. Good luck!
  • gaz141
    gaz141 Posts: 110 Forumite
    I could never buy a repo. I'm superstitious and would never want to buy someone else's bad luck
  • henrypootle
    henrypootle Posts: 109 Forumite
    Well they've rejected our 2nd offer. Yesterday they were asking for dip and proof of deposit so we stupidly thought we might have a chance... sent everything over then got a call just before 5 to say rejected. They said they will accept 2.5k higher though - trouble is thats eating into our budget for getting the property to a state that we could live in. Need to have a good think about it tonight...
    Henry Pootle (aka Piglet) :)

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    gaz141 wrote: »
    I could never buy a repo. I'm superstitious and would never want to buy someone else's bad luck
    So do you check whether anyone has ever died in a property before buying it?
This discussion has been closed.
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