Buying a repossessed property

Davesnave

G_M wrote: »

Delays happen in all sales/purchases, for all sorts of reasons. And with repos, there is always a risk of being outbid up till Exchange.

There's a risk of being outbid up to exchange with any property; it's just much more likely with a repo. It's all part of the delights of getting a bargain as a result of someone else's misfortune.

If you can't stand high levels of uncertainty, don't get involved.

Today, your solicitor will just say it's tough titty, but they will possibly use more appropriate terms in order to mollify you. They won't suggest taking any action other than considering reasons to up your offer.

BlackBird75

Davesnave wrote: »

There's a risk of being outbid up to exchange with any property; it's just much more likely with a repo. It's all part of the delights of getting a bargain as a result of someone else's misfortune.

If you can't stand high levels of uncertainty, don't get involved.

Today, your solicitor will just say it's tough titty, but they will possibly use more appropriate terms in order to mollify you. They won't suggest taking any action other than considering reasons to up your offer.

As I understand it, the difference is that when buying from a standard owner, the buyer can make an offer subject to the house being removed from the market. But that only reduces the chance of being outbid.

A mortgage lender is forbidden from removing the house from the market and must declare the bid (for 28 days?).

That's my understanding, but I'm not an expert.

davidmcn

BlackBird75 wrote: »

A mortgage lender is forbidden from removing the house from the market and must declare the bid (for 28 days?).

That's my understanding, but I'm not an expert.

They're not forbidden, it's just common practice (in England & Wales anyway - in Scotland, sales follow a more conventional pattern and they're removed from market).