Buying a house with possible repossession

sinceretra

Here i go again. Sorry but all of you are offering me sound advice and your opinions, which are very much appreciated.

I have had another idea, can i sound you all out?

I will put in the offer for the price the finance agency need to cover her debt. £276,000 Start my full mortgage application to cover the extra after my house sale. Instruct a house buyers house survey. I know the report will be a mile long with all the work that the house requires including a certain evasive plant in the garden and boundry issues due to local council due to build next door.

My thoughts are then to start negotiating against the work to be done in the house buyers report. The list will definitely include:

Re plaster most rooms
Fit light fittings to all electrical ceiling wiring (exposed)
Remove old electrics and test and box in new electrics
Dorma window and frame to be replaced
fix leak from garage tap
Replace the majority of glass in double glazed windows
Refit and strip 1/2 of all doors
Secure doorway to garden
Dangerous broken tiles in hallway
Bannisters wobbly and unsafe

These are just a few that have been pointed out to me by my builder who viewed the house with me. The credit agency have had their own report done but will not share the outcome with the estate agent or the vendor.

So after my report I will be in a better position and should be able to negotiate the price down. Do you all agree? If i dont get it, all it will cost me is a house buyer report unless I choose a mortgage where the survey is free.

I will wait a few more days until i put my offer in.
Thanks in advance. x

davidmcn

sinceretra wrote: »

I will put in the offer for the price the finance agency need to cover her debt. £276,000...
So after my report I will be in a better position and should be able to negotiate the price down.

Down by how much? If you mean you hope to pay nowhere near £276k, I doubt it's worthwhile starting with the impression that you think it might be worth that. After all, the things you're listing sound like they're all obvious, rather than items only uncovered by a survey. And they don't sound like they're worth £26k anyway.

D_M_E

Stick to the £250k offer and point out that it's likely to go to auction where it could well fetch alot less than that as an auction property.

daisyfrau

D_M_E wrote: »

Stick to the £250k offer and point out that it's likely to go to auction where it could well fetch alot less than that as an auction property.

This.

The bank is trying to get you to pay the current owners debt. The bank would be crazy to turn down 250k and then try to get more than that at auction - there’s absolutely no chance of that.

You’re in a strong position - they are just calling your bluff. I’d even be tempted to come back with £245k final offer on the basis of the work that needs doing! Depends on how much you want the house - if you really want it - just stick to your current offer as you’re very likely to get it. If not - then leave it, unless you’re willing to pay the £275k?

daisyfrau

(Also bear in mind - when considering the work that actually needs doing that your builder has an incentive to say the house needs a lot of work. If you end up buying would recommend a few more quotes before deciding what to repair.

But right now - lots of repairs needed works in your favour so leverage that.

davidmcn

D_M_E wrote: »

point out that it's likely to go to auction

I haven't seen anything suggesting that's likely. Most repossessions are sold in the conventional way.