Reposession - does it go on auction / EA or can it be bought beforehand

desperateFTB

Hi All

The property we are living in is being repossessed by yes you guessed it Northern Rock !!!

The Owner is being declared bankrupt tommorow , and is unable to sell the property anymore.

i called NR and they said sorry the property will be listed at a Estate Agent and then be sold off..... ( but the guy i spoke to did not seem very knowledgeable )

does anyone know if this is definitely the case or is there any chance of a outright purchase before hand ????

Any ideas

DFTB ;-)

Doozergirl

Northern Rock will have to prove that they did their best to obtain the best price for the property. That means it has to go on the open market.

I assume it was a BTL mortgage if they aren't turfing you out?

dolce_vita

The best thing you can do, and I have said this many times on here, is to let the sale proceed normally but make the house so unattractive that no-one in their right mind would buy it.

When anyone comes to view, tell them about the damp, the dodgy electrics, the leaking roof, the noise, the nuisance neighbours etc.

Then when no-one puts in an offer, it's your's for the taking at a price you decide and can afford.

best wishes

HugoSP

.....and don't forget the nuisance neighbours and the boundary dispute.....:)

silvercar

desperateFTB wrote: »

Hi All

The property we are living in is being repossessed by yes you guessed it Northern Rock !!!

The Owner is being declared bankrupt tommorow , and is unable to sell the property anymore.

i called NR and they said sorry the property will be listed at a Estate Agent and then be sold off..... ( but the guy i spoke to did not seem very knowledgeable )

does anyone know if this is definitely the case or is there any chance of a outright purchase before hand ????

Any ideas

DFTB ;-)

Interesting post. Are you the tenant? I presume so and that you are thinking of purchasing.

I'm guessing that Northern Rock are acknowledging your tenancy agreement and not evicting you when they repossess. Generally properties with tenants are harder to sell than vacant properties. I have seen auction listings where the properties are quoted as being subject to ASTs and inspections are not offered. Expect to be given notice to leave at the end of the tenancy, I very much doubt you will be offered an extension.

Just because the owner goes bankrupt, doesn't automatically mean the property is repossessed. That would be a separate action depending if he has fallen behind with mortgage repayments. On sale the equity, after the mortgage is cleared, would go to the Official Receiver to be returned to creditors. Just because he is being declared bankrupt tomorrow does not mean he will be repossessed tomorrow. There is no reason why he couldn't come to an arrangement with you before repossession to sell. The problem is that he will not see any money from the sale, so he probably isn't bothered what happens to the property.

desperateFTB

Hi All
Thanks for the Replies
1. the landlord is being declared bankrupt and he has not been paying his mortgage , therefore Northern rock have started repossession proceedings giving us potentially until the 17/01/08 ( could be longer ) if they decide to continue

2. yes we live in the property currently
3. however we are in the process of purchasing our own home currently and are in the 1st phases with the solicitors. so if and only if we could obtain our current rented accommodation at a below market value rate would be consider it.

your thoughts ........

space_rider

I went through the process of buying a repossessed house but my buyer was taking her time so it went over the 28 days that they demanded. It went to auction and sold for 10,000 less than I had offered.