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Buying a repossession...
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sniperpenguin
Posts: 289 Forumite
Just had a look at a property that has recently been repo-ed (the notice on the windows said November 20th!)
It needs a lot of work, and it was a bit strange looking around the house with most of there posessions still in it
but I was wondering if this is a good oppotunity to put in a cheeky low offer? (price is £109K, temped to offer 90!)
Also, are there any other dangers to buying a repo?
It needs a lot of work, and it was a bit strange looking around the house with most of there posessions still in it
but I was wondering if this is a good oppotunity to put in a cheeky low offer? (price is £109K, temped to offer 90!)Also, are there any other dangers to buying a repo?
"Getting Married" - The act of betting half of everything you own on the fact you will love someone forever :rotfl:
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You won't get much information from the seller's information pack, as the sellers will be the bank who won't have the knowledge of someone who has lived in the property. So forget questions about neighbour disputes etc.
I don't understand why the property hasn't been cleared of possessions. If you do buy you will need to ask your solicitor to find out if the bank will arrange for the property to be cleared.
There used to be stories of repossessed owners cutting cables, ripping out loft insulation and pouring cement down the toilet; although these are probably rare it is a risk.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
well, I happen to know a long-time occupier of a property on the same road (father of my best man!
) and he is in one of those familys that know what goes on lol...It also gives me some info on the neighbours...
Story goes is that sadly, the family broke up and therefore the father just gave up on the house. Property was bought for approx £60K some time ago, but there has been a remortgage since then (no idea on the amount, so I have no idea how much the bank needs to recover via the property )
Usual repo stuff of DO NOT USE tape on all the applicances as the water has been drained, but it looks like the house was in the process of being "done up" as three room have no wallpaper etc.... im looking at it again tomorrow "Getting Married" - The act of betting half of everything you own on the fact you will love someone forever :rotfl:0 -
*BUMP*
so nobody here with any other experiences / success with low offers? I'll start talking about price crashes if it gets people involved!
"Getting Married" - The act of betting half of everything you own on the fact you will love someone forever :rotfl:0 -
Most repossessions needing work will go to builders with cash.Been away for a while.0
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I think the main risk is that the seller won't stop marketing the place until exchange as they are legally obliged to get the maximum price possible.0
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Running_Horse wrote: »Most repossessions needing work will go to builders with cash.
Why? Do they just call themselves "developers" and outbid everybody?
"Getting Married" - The act of betting half of everything you own on the fact you will love someone forever :rotfl:0 -
Where can I find information on repossesion houses? are there any websites specialising in them? Or is it just a case of contacting lenders?
thanks, merry xmas!0 -
They have cash, can move quickly, and don't rely on a mortgage or sale of another property.sniperpenguin wrote: »Why? Do they just call themselves "developers" and outbid everybody?Been away for a while.0 -
Running_Horse wrote: »They have cash, can move quickly, and don't rely on a mortgage or sale of another property.
And they don't have the hassle of having to organise..........err...........
builders.dolce vita's stock reply templates
#1. The people that run these "sell your house and rent back" companies are generally lying thieves and are best avoided
#2. This time next year house prices in general will be lower than they are now
#3. Cheap houses are a good thing not a bad thing0 -
mark_hawthorn wrote: »We use www.repo-leads.co.uk where you can buy info on people who are due for repossession
I take it you get yours free :rolleyes:
Domain name:
repo-leads.co.uk
Registrant:
Michael Hawthornthwaite
Reported.0
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