Buying a repossession... is it worth it?

hazyjo

gaz141 wrote: »

I could never buy a repo. I'm superstitious and would never want to buy someone else's bad luck

Bad luck isn't all about money. Do you only buy new builds?


I had ridiculously bad luck when I owned my last house (literally one thing after the other, and another, and another, and another... carry on like that for a dozen more times). I sold after 2 years. To any buyer, they'd not have a bloody clue.


They're still there 4.5 years later, so can't all be bad.

henrypootle

Few days since I've been on here...


They accepted our 3rd offer (still below asking price) last Tuesday!


Since then, had mortgage appt with financial advisor on Wednesday to apply for mortgage, survey / valuation booked for next Tuesday, popping in to solicitors today with inital paperwork and to pay for the searches.


Eeeek this is it! I want to be excited but I'm also a nervous wreck in case it all falls through...

Mossfarr

Good Luck. Let us know how you get on.

henrypootle

Still seems to be going smoothly, searches went off last week, valuation and survey due tomorrow. Its gone a bit quiet now so I'm hoping everything is happening as it should and that there's no issue with the mortgage.


Once we have our mortgage offer back and the searches are done is there much else left to do?


We've been back to the house this weekend and also been to look at new kitchens, bathrooms, flooring etc - getting excited now!!

elliemet23

We're in the process of buying a repo at the moment.

Just had the survey back which has thrown up a couple of things, so waiting for an electrician etc to go in this week to get safety certs done.

Only got 8 days left to complete, so may have to ask for an extension.

It is definitely worth having a good solicitors, they're worth their weight in gold!!

Good Luck!!
xxxx

henrypootle

Good luck to you too ellienet!


What happens if we don't meet the deadline then? Hopefully our valuation and survey have been done today...

Surrey_EA

henrypootle wrote: »

Good luck to you too ellienet!


What happens if we don't meet the deadline then? Hopefully our valuation and survey have been done today...

Probably very little. As long as you're making reasonable progress and not delaying deliberately then it's highly unlikely the vendor will withdraw, even if you don't exchange before the deadline.

elliemet23

As long as they can see you're making progress and not dragging your feet they will grant an extension of time... Its more hassle for them to find someone else to go through the WHOLE process again! xx

henrypootle

Well everything appeared to be going smoothly until last Tuesday when the mortgage company decided that my husbands ID wasn't ok - why didn't they tell us 2 week earlier when we first made the application!
Because we sold our property and moved out back in July (and now staying with family) we have no decent address ID - aarrgghh!! They've said a letter from HMRC with tax code would be okay but apparently that could take 2 weeks to come through. Deadline is meant to be next Tuesday 3rd.

elliemet23

Can you not log on to the HMRC website and download something or ask your works HR department if they have anything like that?
xxxx