Trying to secure a repossession property

cjj_2

Hi

I’ve been looking for a property for what seems like forever. Today I’ve viewed a property which seemed too cheap to be true. Came to market yesterday. Big queue of people viewing as I left. I suspect it’s a repossession as tape everywhere and utilities switched off but even EA don’t know situation yet. It looked like previous owners left in a hurry leaving lots of possessions and a sink full of washing up. Lots of flies in house but apart from a bit dirty there is no damage that I could see . Has anyone bought a repossession and can offer me advise please ? I really really want this place but as I was leaving a local property letting business were going into view. I feel like I’m the underdog now lol and want to go all out to secure the property if possible. The guide price (not an auction) is probably at least £15K under value. It’s up for £70K. I’ve everthing in place with nothing to sell but not sure if my solicitor is experienced in repossessions and the need for speed. I’m researching now to give myself best possible advantage. Tia

eddddy

Typically...

• it will be priced low to get lots of interest

• it will be left on the market for, maybe, 2 weeks during which time the EA will collect all offers. (The offers may go much higher than the guide price.)

• a buyer will be expected to exchange contracts within 28 days

• the bank (seller) will almost certainly accept the highest offer (assuming the person offering seems able to exchange contracts within 28 days)

• the amount of the offer that's accepted will be published, and you can then offer more, if you want. (But the EA might try to put obstacles in your way. You might have to be persistant.)

Edit to add...

• Similarly, if yours is the best offer and it is accepted, the offer amount will be published - and somebody else might come along and offer more.

strawb_shortcake

We almost bought a repossessed house, but an offer in and the EA quickly came back with a higher offer had been put in. The house looked too good to be true and the bidding quickly went from £70-90k at which point we walked away. To this day I'm not convinced there was a second bidder, all I'd suggest is not rushing in, work out what your maximum offer is and be prepared to walk away.

I wish I could remember the address so I could look at what price it went for

Larac

We brought a re-possession many moons ago - previous occupants left a sofa with maggots in it! The banks has to get the best price - we made an offer and then that offer gets advertised - used to be in local rags but believe this is now online. Other peeps then have up to X days to provide a counter offer - usually around two weeks,

Hectors_House

I bought a repossession back in 2009.

The EA messed us around and asking price was £95k and we eventually got it for about £62k. It took £12k to get it liveable (huge hole knocked thru one bedroom into the other. Kitchen units all ripped out etc).

As mentioned above our offer was advertised in the local paper for a week and we had to sit on our hands and hope no one bettered our offer.

Decide your limit on it, put an offer in and hope it gets accepted.

Good luck.

cjj_2

Thankyou for all your helpful replies. This place was full of flies so could also have maggots in sofa lol. It was not pretty. However I’m sure the local property business who were viewing will see past that as I will have to do hehe. Think they sell around £90k in good condition but there’s only a handful like this one so there’s not much data on them. I’m trying to seek out a solicitor who could be speedy if I get an offer accepted. Thanks again

Bossypants

cjj wrote: »

I’m trying to seek out a solicitor who could be speedy if I get an offer accepted. Thanks again

On this point, make sure you explain the exact situation when speaking to potential solicitors (i.e. don't just say 'I'm in a hurry' or something, explain that it's a repossession). Also, consider asking them if they've got an express service. There will be a fee, of course, but it won't be much in the greater scheme of house-buying, and will almost certainly be less than you'll be out if the deal falls through close to exchange because you were too slow.

Also make sure you have mortgage broker and surveyor (if you're going to have them) lined up from the word go.

Finally, come back and let us know how it went, we love a good underdog story!

p00hsticks

cjj wrote: »

It looked like previous owners left in a hurry leaving lots of possessions and a sink full of washing up. Lots of flies in house

Are you sure there's not any hidden bodies ?

cjj_2

Bossypants wrote: »

On this point, make sure you explain the exact situation when speaking to potential solicitors (i.e. don't just say 'I'm in a hurry' or something, explain that it's a repossession). Also, consider asking them if they've got an express service. There will be a fee, of course, but it won't be much in the greater scheme of house-buying, and will almost certainly be less than you'll be out if the deal falls through close to exchange because you were too slow.

Also make sure you have mortgage broker and surveyor (if you're going to have them) lined up from the word go.

Finally, come back and let us know how it went, we love a good underdog story!

Aww thanks that’s how I feel lol like the underdog. I’ve got a really good mortgage broker who acted for my dd and she couldn’t believe how good he was. I’ve also got a local surveyor who is really good too. I started operation get EA on side today when I had a lovely chat
They still don’t know if it’s a repossession but they said they know it’s being sold by a company. I said please could you keep me up to speed as I’m interested in making an offer once I know the full details.

Speaking of dead bodies. The mattress was exposed and there were lots of blood stains :eek:

Thanks again all :T

markin

If its not a bank it could just be a landlord selling up after getting out a bad tenant or squatter.

cjj_2

markin wrote: »

If its not a bank it could just be a landlord selling up after getting out a bad tenant or squatter.

Thanks I Hope so. Would just like to be able to make a bid and if accepted have it taken off the market. Getting my hopes up now lol