buying a repossessed house ?????

where2start

we thinking of buying a repossessed house but need to know if is true that you are unable to get loans/credit etc if you buying a repossessed house due to the fact that its been blacklisted !! true ??

I thought that the person taking having the debt is in trouble not the address of the property or am i wrong ? dont want to buy the house and find that we have to wait 7years to clear the address in order to get credit or encounter other problems later on !!

darkcloudi

Its the person that is blacklisted NOT the addreess.

mumofjusttwo

have to say we started on the property ladder with a house that had been repossed.

Only thing is you may find that you get letters addressed to the previous owner owing money etc !! Saying that it has happened to us in the house we have just moved into ( Well April) and this wasn't a repossession. I just phone up the firm and tell them that X, Y, or Z has moved. Still worth it though.


Wishing you all the best.

Doozergirl

Agreed. It has nothing to do witht the house.

Someone's feeding you rubbish. Someone who has probably never bought a repossession.

where2start

many many thanks for all replies sent to me regarding this matter and yes .....someone definetly told me the wrong information , thanks

vivatifosi

Totally correct, its the person, not the house.

I bought a house where the previous occupants had "bad credit". To help things along I wrote to the three main credit reference agents and told them the previous residents were no longer there. They advised me to make sure my name was on the electoral roll, not theirs, as that is where they source most of their info from. Easy to change!