Buying a repossession house

Monsternextdoor

Hello all, I have not been on in a while.

We are looking to buy a house but we know it is a repo, we have put in a offer over the corporate clients asking price and have our mortgage lender ready to go, we have a 20% deposit and a forces help to buy. We are just waiting on the offer to be accepted. 

It probably doesn't help that I am Impatient   

How soon after them accepting the offers can we complete and exchange contracts ? There is no chain involved and I have my solicitor and buyers survey waiting to go. We don't want to get gazumped even tho we can go above what we have offered.

I want to desperately get the ball rolling asap as I need to move out of the military quarter, clean it and hand it back. Plus I have children who I am keen to start a new school year in september rather than coming in thru the year.

Did I mention that I am impatient......

74jax

Monsternextdoor said:

Hello all, I have not been on in a while.

We are looking to buy a house but we know it is a repo, we have put in a offer over the corporate clients asking price and have our mortgage lender ready to go, we have a 20% deposit and a forces help to buy. We are just waiting on the offer to be accepted. 

It probably doesn't help that I am Impatient   

How soon after them accepting the offers can we complete and exchange contracts ? There is no chain involved and I have my solicitor and buyers survey waiting to go. We don't want to get gazumped even tho we can go above what we have offered.

I want to desperately get the ball rolling asap as I need to move out of the military quarter, clean it and hand it back. Plus I have children who I am keen to start a new school year in september rather than coming in thru the year.

Did I mention that I am impatient......

When I worked with repo properties, once we had an acceptable offer, we had to post in the local paper and advertise similar too 'we have recieved an acceptable offer of xxxamountxxx any offers above must be recieved by xxxdatexxx'.

It did lead to other offers, mainly because the original offer was usually low (even if above asking) due to covering just the mortgage amount plus a little more.

The repo company have an obligation to obtain the highest possible amount. 

user1977

Monsternextdoor said:

How soon after them accepting the offers can we complete and exchange contracts ?

As soon as you're ready. Which means waiting for survey(s) to be done, your mortgage offer to come through, your solicitor to get searches, examine title, etc. Depends to a large extent how busy the solicitors and surveyors are and how long your mortgage application takes.

Monsternextdoor

74jax said:

.

When I worked with repo properties, once we had an acceptable offer, we had to post in the local paper and advertise similar too 'we have recieved an acceptable offer of xxxamountxxx any offers above must be recieved by xxxdatexxx'.

It did lead to other offers, mainly because the original offer was usually low (even if above asking) due to covering just the mortgage amount plus a little more.

The repo company have an obligation to obtain the highest possible amount. 

It's a good deal over the asking(10G), and we can go another £xxxxx If needed, I am just hoping that we can exchange asap so we aren't paying out for searches and fees that we do not need too.

The house is full of the last residents stuff furniture and clothing so I will also need to clear the property, I'm just hoping that puts others off !

Monsternextdoor

user1977 said:

As soon as you're ready. Which means waiting for survey(s) to be done, your mortgage offer to come through, your solicitor to get searches, examine title, etc. Depends to a large extent how busy the solicitors and surveyors are and how long your mortgage application takes.

The mortgage has already been arranged and approved, its just the searches etc. 

AnnexeRegular

Monsternextdoor said:

user1977 said:

As soon as you're ready. Which means waiting for survey(s) to be done, your mortgage offer to come through, your solicitor to get searches, examine title, etc. Depends to a large extent how busy the solicitors and surveyors are and how long your mortgage application takes.

The mortgage has already been arranged and approved, its just the searches etc. 

Unfortunately the mortgage is usually the quickest part of the process. Searches/enquiries are usually where time gets spent.

user1977

Monsternextdoor said:

user1977 said:

As soon as you're ready. Which means waiting for survey(s) to be done, your mortgage offer to come through, your solicitor to get searches, examine title, etc. Depends to a large extent how busy the solicitors and surveyors are and how long your mortgage application takes.

The mortgage has already been arranged and approved, its just the searches etc. 

You said you were "waiting on the offer to be accepted" - if by that you mean you haven't even agreed a price with the vendor then it seems unlikely you've gone through the full mortgage application process?

Monsternextdoor

@AnnexeRegular

This is what I am afraid of, I am happy to pay more if we can get it faster but we know that this is not the case.

Monsternextdoor

@user1977

The mortgage has been accepted, Sat for 2 1/2 hours on saturday morning to get that sorted.

Because we are also using a forces help to buy the mortgage has to be in place before we can apply for that. We have the flexibility to go up to £30,000 above asking price.

At the moment we are the highest bidders for the property that is all we know, It may change tho.

DayDreamerandGeneralWaster

We bought a repo, it was about 8 weeks with a lot of pushing. The wanted it in 6. Chain of 2. Straight forward no issues. This was 2007 though. I wouldn't be too concerned a5boit being gazumped, repos are generally at market value, the days of the banks only being able to recoup money owed are long gone. 

Monsternextdoor

@DayDreamerandGeneralWaster

No chain with this one, we are in a married quarter and the house is standing empty. 

Its gonna be a lot of work to get it up to scratch but I like a challenge, I am just worried about being gazumped.