What to know about Reposessions?

HugoSP

clutton wrote: »

""are homeless and in MASSIVE amounts of debt" and now you plan to take advantage of their situation ..............

OMG this is the sort of !!!!!! that really says more about the poster than the OP.

WAKE UP AND SMELL THE COFFEE YOU SANCTIMONIOUS PRAT:mad:

Ruby

The fact of the matter is that these opportunities are available and are on the open market.

13 years ago we bought a property cheap because it was being sold off due to a divorce, and both parties wanted their cash.

10 years ago we bought a flat of a woman who was put of BTL because of one bad tenant. She was desparate to sell. We immediately rented it out for 20% ROI

8 years ago we bought a renovation project from an elderly gent who wanted to sell to move in with a new partner. We couldn't even get a mortgage on this one.

We are now in a huge house that was an almost like for like swap with a previous house that was about half its size. I have the skills to renovate it cheaply but well, whereas the previous owner did not, and could not see her way to ever getting the work done.

We have bought other properties where we have been in a position to snap up a bargain. These bargains have come about because the sellers need to sell to somebody.

If we are in the market then that somebody may as well be us.

If we were in a pickle, then people holding off not wanting to take advantage of our situation would reduce demand and not help us at all. We would want the greedy clammering at our door in droves to compete with each other for the bargain, bringing in more cash for ourselves.

RubyShoes

Thank you for the advice

The area isn't the greatest, BUT I am in need of a home, a permanent home, as I have a 5 year old son who is in school, and I dont want the worry of having to move his schools if I have to move out of my rented property.

I am also about to become self employed (in April), so now is the right time for me to buy, and the price means I can afford something now, that I otherwise would have to wait a long while for.

I am hoping that things like the heating system etc would be in good working order, as far as I know, it still comes under Barratt's 2 year thing, where they repair faults.

I didnt think I would buy a new build, as they are not good value for money! But at the price this one is at, I would be mad not to go and look.

So I am viewing at 11.45, but Im pretty certain I will be making an offer

Thanks again for the useful advice

RubyShoes

I should add, that my partner is in permanent employment (so am I at the moment), and I will have several means of income along with going self employed (I am a midwife) because sometimes when people see I am going self employed, and planning to buy a house, they do that 'sucky in teeth' thing!!!

I am being sensible, moving somewhere for a home, not an investment, and somewhere I can ride out any problems in the market. I am also only buying on my own income, so that if the worst should happen, I will still be able to afford the house.

We could buy a house together for a lot more, but I have limits on what I am willing to pay each month on a house. I have other things that I want to spend my hard earned money on

hgllgh

Is this a repo that has gone to auction or pre auction?
Has your lender been in to value it?

RubyShoes

Hi,
Its pre-auction. I assume it does not need to be valued pre-auction until I have made an offer, and gone through the process of getting a mortgage.

Richard_Webster

If you are buying in an auction you really need your mortgage offer before the auction. No good for you if you are successful in bidding for it and the lender turns you down for the amount you want or turns you down altogether.

You will also need a solicitor to look at the legal pack before the auction to make sure that there isn't anything there that is nasty. Even if you do get a mortgage offer it will always be subject to the solicitor confirming that all the legal stuff is OK and occasionally that isn't the case.

RubyShoes

Its not a property that is being auctioned Its just up for sale.

I viewed, and made a list of bits that will need doing, and it seems it could make a good home, and for a reasonable price (for once!)

I have offered £110,000, and its under consideration. They came back to me (or rather the estate agent did) and said would I offer £112,000, but I stuck to my guns. I know where my limits are, and I am sticking to them. So they want to keep it on the market at its current price for another week. I doubt anyone else will make an offer TBH, I think I might get it It has had very little interest, and they don't advertise on rightmove, which is where a lot of people look for property now.

Its just going to be a waiting game, and I will need some patience. Its better for me, as it gives me a bit longer and an extra payday, so I can pay my solicitors fee's etc etc with a bit more ease! Im hoping for a move by the end of Jan if all goes well.

If it doesn't, then it wasn't meant to be

jonewer

RubyShoes wrote: »

They came back to me (or rather the estate agent did) and said would I offer £112,000, but I stuck to my guns.

:money: :beer: :j :T

Be patient. Its a bit hard a first but you soon find other things occupy your mind.

I put in a 250 offer on a 267 place two weeks ago. It got rejected and for a few days afterwards I was just itching to pick up the phone and up my offer.

Anyay, now a place thats as good has come along for 250 anyway! It pays to be patient, particulalry in the current market climate.

Remember, a £2k increase might not seem like much considering the overall price but just think of how much money £2k actually is.

poppy10_2

RubyShoes wrote: »

But, what should I be aware of in this situation? is there anything else that I should be wary of?

How about this?

RubyShoes wrote: »

the prices have been steadily falling on the reposessed houses

Miss_Sparkly_Star

Where can you find repo's houses in your area?

I've looked in my local paper - the Dorset Echo but there's nothing.

Where abouts are they advertised?