Trying to buy a repossessed property during the pandemic

brown_sugar1986

Hi everyone, I hope you're all safe and well. 

I'm looking for some advice/reasurrance/a miracle .....
I'm going to be trying to buy a repossessed property - plan to re-offer in the next couple of days. Had 1 offer accepted previously then was gazumped by another buyer last week and didn't want to drive the price up whilst stuck in my current predicament .... Repo purchases have a condition of a 28 day exchange of contracts. Obviously due to the Corona situation and the fact that physical  property valuations will shortly begin taking place again, with a backlog, it's unlikely I'll have my mortgage in place in time. Anyone had similar experiences or do you know what would happen in this circumstance? 

I really want his house, unfortunately I don't have my pick of lenders so have to stick with the one I have my mortgage in principle from - Pepper Money. 

I'd be happy to pay an additional fee to expedite the application if they'd accept that but I think that's unlikely. 

Thanks in advance guys and please, please, please keep your fingers and toes crossed for me...

davidmcn

28 days doesn't literally mean they'll flounce off and remarket after 28 days, just that they reserve the right to do so (though in practice any vendor could do that if they wanted).

brown_sugar1986

davidmcn said:

28 days doesn't literally mean they'll flounce off and remarket after 28 days, just that they reserve the right to do so (though in practice any vendor could do that if they wanted).

They don't actually stop marketing until exchange anyway with a repo, so if that's the worst I can expect I will get the ball rolling today. Thank you

Brock_and_Roll

Its harder with a mortgage...but not impossible! Keep on top of the vendor, keep them informed, reassured, charmed etc.

As you can imagine, there will be a lot of cash rich individuals looking to take advantage of a potential opportunities at present by making low-ball offers for distressed sales.

RelievedSheff

Brock_and_Roll said:

Its harder with a mortgage...but not impossible! Keep on top of the vendor, keep them informed, reassured, charmed etc.

As you can imagine, there will be a lot of cash rich individuals looking to take advantage of a potential opportunities at present by making low-ball offers for distressed sales.

Care to share any evidence of these distressed sales and cash rich individuals?

csgohan4

RelievedSheff said:

Brock_and_Roll said:

Its harder with a mortgage...but not impossible! Keep on top of the vendor, keep them informed, reassured, charmed etc.

As you can imagine, there will be a lot of cash rich individuals looking to take advantage of a potential opportunities at present by making low-ball offers for distressed sales.

Care to share any evidence of these distressed sales and cash rich individuals?

To be fair if you need a mortgage and a physical valuation, your going to join a long queue to get it done.

I got my mortgage offer after 6 weeks and that was with a desktop valuation, so you can imagine how long physical ones will take

which given a standard 28 day true auction exchange clause, is going to be difficult and therefore you maybe in breach of contract and lose your deposit