Buying a repossession house

GDB2222

Monsternextdoor said:

@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.

There's nothing to stop you instructing a solicitor to do the local authority searches now. 

user1977

GDB2222 said:

Monsternextdoor said:

@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.

There's nothing to stop you instructing a solicitor to do the local authority searches now. 

Or if you want to save time/money (and your lender permits), getting search insurance instead.

DayDreamerandGeneralWaster

It is a worry but what can you do, other than increasing? If it was meant to be, it will happen.

eddddy

Monsternextdoor said:

@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.

Just to clarify - there are usually 2 'stages' to getting a mortgage.

1. The mortgage lender has to approve you (e.g. your finances, credit history etc)
2. The mortgage lender has to approve the property (e.g. valuation, title, searches)

It sounds like lender has 'approved' you (perhaps 'in principle', which would mean it's subject to checking that everything you said was true, and you haven't hidden anything).


But if your offer hasn't been accepted, it's unlikely that the property has been 'approved' yet. The lender will probably want to send a valuer in to look at it, and the lender's solicitor will want to check that the title, searches etc are ok.

theartfullodger

The last residents stuff is theirs property, obviously, so disposing of it without giving them a chance to get it may expose you somewhat.

I bought a repo, 2000, at auction, without ever viewing inside  (just drove past).  Children, do not do this!  Turned out ok still own it.  Decoratively terrible, fossilized sausage under grill over fungus-infected congealed fat.  Unpleasant football wallpaper, window frames you could shove a fat screwdriver through (I did) and car in garage.

After purchase gone through I asked a neighbour if they knew who's car.  Yes, belonged to Curly, another neighbour.  Nice man.  Turned out if he went drinking, came back late, his then wife wouldn't let him back in so he bought the car to sleep in if needed.  Would he please move it?  Yes, no problem.  He did, after 6 months.

Views of mountains and sea lochs.  Happy days....

Monsternextdoor

theartfullodger said:

The last residents stuff is theirs property, obviously, so disposing of it without giving them a chance to get it may expose you somewhat.

I bought a repo, 2000, at auction, without ever viewing inside  (just drove past).  Children, do not do this!  Turned out ok still own it.  Decoratively terrible, fossilized sausage under grill over fungus-infected congealed fat.  Unpleasant football wallpaper, window frames you could shove a fat screwdriver through (I did) and car in garage.

After purchase gone through I asked a neighbour if they knew who's car.  Yes, belonged to Curly, another neighbour.  Nice man.  Turned out if he went drinking, came back late, his then wife wouldn't let him back in so he bought the car to sleep in if needed.  Would he please move it?  Yes, no problem.  He did, after 6 months.

Views of mountains and sea lochs.  Happy days....

We have already had the convo, They have had more than ample time to clear the property but have not bothered to come back. 

Its ours to clear out ! 

theartfullodger

Still their property though..... Take photos!

Monsternextdoor

eddddy said:

Monsternextdoor said:

@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.

Just to clarify - there are usually 2 'stages' to getting a mortgage.

1. The mortgage lender has to approve you (e.g. your finances, credit history etc)
2. The mortgage lender has to approve the property (e.g. valuation, title, searches)

It sounds like lender has 'approved' you (perhaps 'in principle', which would mean it's subject to checking that everything you said was true, and you haven't hidden anything).


But if your offer hasn't been accepted, it's unlikely that the property has been 'approved' yet. The lender will probably want to send a valuer in to look at it, and the lender's solicitor will want to check that the title, searches etc are ok.

This is it !

This is the bit that we want to speed up, The seller (bank) has not come back to us yet after telling us that it would be later yesterday early tomorrow.

The estate agent has confirmed the offer is the highest they have.

Monsternextdoor

So we got our offer accepted and the surveys are going ahead on Wednesday.

From what we have been told its going to be 6 weeks max before it's ours and the keys are in my hand, I honestly can't wait !