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Buying an insolvent house? Help?
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Such warranties are normally excluded in any situation where the seller isn't familiar with the property. The bank won't be undertaking to do much more than give them a good title to the property.Normally in Scotland you have some comeback if faults are discovered in the first few days after a sale, but maybe this doesn't apply to repossessions.0 -
The previous owner of our house was deceased, though not insolvent. As other have said, check everything and have a pot of cash for any unexpected repairs. Regards clearing the house, if the family have washed their hands of it then it will probably fall to you to clear it but you may find some value in what remains. The family eventually cleared our property but only after we had our solicitor request it formally (more than once).
Congratulations on your new home!
HPDEBT FREE DATE: 05/02/2015!Those things in life that we find the hardest to do, are the things we are the most thankful we did.0 -
AnotherJoe wrote: »maybe you'll find some gold sovereigns or a diamond ring etc.
Bear in mind that in a repossession, the bank never acquire a title to any moveable property, so technically anything left behind still belongs to whoever left it there (or in this case, the trustee in sequestration or whoever is dealing with the debtor's estate).if the family have washed their hands of it then it will probably fall to you to clear it but you may find some value in what remains.0 -
Check everything for hidden cash, inspect and cut open the mattress, sofa and pillows, draw liners.0
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Hi just to update the bank have agreed to clear the house, they are doing this on the basis that the EA never marketed the property as “sold as seen” and never even indicated it was being sold by and bank and that there will be no guarantees with gas/electric. The bank have agreed access for me to get gas/electric checked tomorrow, it has been on a timer so not taped or drained systems but just to be on the safe side.0
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Surprising but good news for you. Let us know when you move in !0
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