Buying repossion nightmare

savercorin

Hi, Sorry guys this is a bit long.. I’m after peoples opinions on what to do. I put an offer on a repossion on 20th Nov for 12K less than the asking price. I went away on holiday and returned on 1st Dec still not hearing anything. Anyway rang the estate agents who told me that the offer had been accepted and that the survey had already been done, so all on track.They also stipulated that they wanted to complete within 28 days

After speaking to the mortgage advisor she told me that I had to get two specialist reports, one for damp and the other for the roof. So I got the reports as quick as I could (they totalled 6.5K) and sent them to the mortgage company. I didn’t receive the survey until 24th Dec. In it it recommended doing the roof and treating the damp so as expected.

I evenutally got my mortgage offer on 29th Dec and the house was valued at the price I offered. After thinking about it I asked to lower offer by 2.5K which I think was fair as the mortgage company stipulated that I had to complete the work within 3 months. Now I know that I would then be getting the house for less than it was valued, so is this fair??

After ringing the estate agents 3 times a day for the last two weeks I still had not heard any news. The estate agents seem to think it was fine and had recommended that they took my offer. On Friday I heard that the reason they were not getting back to me sooner was the fact that I had not done the searches yet. The reason I was holding off was that if they didn’t accept the lower price I couldn’t really afford to buy the house and do all the work. So the estate agent again assured me it would be ok, and if I did start the searches it would put me in a stronger position. So Friday I instructed solicitor to do searches.

Yesterday I hadn’t heard anything so yet again rang estate agent. She rang the selling company who said my offer was declined as it would have been below the valued price!! So all in all they have put me in corner by making me do the searches so that I have now input more money and would be less inclined to pull out. What annoys me the most is the fact they basically lied to me on Friday and about the reason for the delay

What would you do?
Continue to go through with the sale, (having to somehow find the extra money to do the work, which I suppose push comes to shove I could do) or
Tell them to stuff their house and lose the £750 already invested (btw I’ve had a look at other houses on the market and there isn’t anything yet that I haven’t seen before or catches my eye)
Help!

clutton_2

"searches ??"" - i thought these were a part of the new HIPS package and that the vendor should have provided them for you - not you having to buy them ?

Doozergirl

Mortgage lenders rarely ever check that you have carried out the specified work in a time frame. My mortgage broker told me that he had never come across it.

Because your surveyor valued it at the correct price even with the work to do, you'd find it hard to renegotiate price with anyone, let alone a repossession. They have to prove that they got the best price for the property. Selling it for less to you when your survey values it fine, is a problem for them.

Do you think you've got a good deal still? That's the question you have to answer.

Jorgan_2

clutton wrote: »

"searches ??"" - i thought these were a part of the new HIPS package and that the vendor should have provided them for you - not you having to buy them ?

We don't know when the property went on the market though, HIPs may not have come into play for this property at the time off marketing.

It does seem odd that they have said they want you to do the searches before giving you an answer.

clutton_2

"" do the searches before giving you an answer. ""

sounds to my like someone talking out of an orifice - if you get my meaning

most EAs want a valuer to have been instructed as "proof of intent to buy" - not searches

savercorin

Thanks all for replying.

The reason I had to do the searches was the fact that it didn't have a hips. It's just a game to these repossession companies who thought that me doing the searches i would be less inclined to pull out as I would have spent yet more money.

thanks doozergirl for letting me know that mortgage companies don't generally check the work. I'll obviously try and get the work done but it may be more within 6 months than 3.

After thinking about it (and calming down a little!) I think I will go ahead with the sale but purely based on the fact that I like the house.
Fingers crossed a new house in a couple of weeks :j

BenL

Good Luck savercorin.

I was going to post on this and say I know someone in exactly the same situation!