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Buying a house with possible repossession
Comments
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Thanks for that. I only need 30K to pay for the house. I may borrow more for some immediate work on the property. Using some extra savings I could only need to borrow 15K and then I'm not sure if to just get a loan. Got a lot of researching to do. Just need to know first if I can buy the house.0
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Surely it's just a case of telling this to the solicitor and getting them to check the vendor still has authority to sell the house?
No one on here was in the court hearing so not sure what help can be given0 -
I have not instructed a solicitor yet as my offer has not been acknowledged by the estate agent. I thought you didn't instruct until that point. Would you instruct a solicitor to act on your behalf to find the answers to the questions at this stage?0
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sinceretra wrote: »I have not instructed a solicitor yet as my offer has not been acknowledged by the estate agent. I thought you didn't instruct until that point. Would you instruct a solicitor to act on your behalf to find the answers to the questions at this stage?
You need to maintain contact with the EA and determine exactly what the position is before you can proceed further.
In the meantime find another temporary home. As unlikely matters will be concluded quickly.0 -
Well just had word from the Estate Agent, even though the house has not been repossessed the owner cannot sell me the house for the agreed figure. The credit agency are saying it has to be £30,000 above my offer. The Estate Agent told me he thought the credit agency was living in 'cloud cuckoo land expecting to get that amount. Gutted!0
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How much below the asking price was your offer?0
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Thanks for the update - madness from the agency!0
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Maybe the OP's offer is not high enough to pay off what the vendor owes.0
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The EA listing was offers over 255,000. My offer is 250,000 now. The mortgage company/ credit agency will not allow the owner to sell for less than 276,000. Apparently this is what is owed to lender.0
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If it's offers over £255k, I'll be VERY surprised if they get anywhere over £260k if there's not already a queue of people to buy it! Crazy.sinceretra wrote: »The EA listing was offers over 255,000. My offer is 250,000 now. The mortgage company/ credit agency will not allow the owner to sell for less than 276,000. Apparently this is what is owed to lender.2024 wins: *must start comping again!*0
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