buying a repossed home

susieh_2

Hello

We're looking for some advice.

We tried to make an appointment to view a house we really liked the look of and the estate agents said it would have to be during daylight hours as there's no electricity supply, anyhow, after much probing it turns out the house has been repossed.

Has anyone encountered problems with this kind of buy, can you still make an offer below the asking price and if so what kind of % is reasonable.

We genuinely feel sorry for who evers home it was, but apparantley we wouldnt be dealing with the people but a repossesion company and have been told that if any offer we wish to make is accepted we will only have 30 days to complete, is the right?

Sorry for all the questions but this is a whole new thing to us.

Thanks in advance for any advice

Susieh

Doozergirl

You have 28 days to exchange normally - you need to have finances in place and sols ready to go when you make your offers. If one is acceptable, they will ask for all sorts of proof of mortgage agreement, deposit etc. and, you absolutely need to be ready to go.

Yes make an offer below. With repos I admit we go in very low and just keep banging away at it until we hit the right point.

A notice will go in the paper stating the amount you have offered, inviting higher offers. You just have to hope no-one else comes in. We've always been lucky.

They have to obtain the best price they can and so the house does remain ont he market, but the closer you get to exchange, the less likely they are to accept other offers, especially if they aren't too much higher. That 28 days is good for you as well because it gives others less time.

Danstable

Out of interest, is there somewhere I should be looking to get listings of repossesed houses?

Doozergirl

Danstable wrote: »

Out of interest, is there somewhere I should be looking to get listings of repossesed houses?

They get thrown in with the rest in the estate agent windows.

Lots come up to auction and you can tell because it refers to the vendor as the Mortgagee.

susieh_2

Hi,

Thanks for your quick & useful reply.

One more question the house is on the market for £165K, about right for area, what kind of first offer would you suggest and approx how much would you go up to. We've had a quick nosey round & just from looking in from outside we could see that it needed some work, patio doors that lead into conservatory missing, front window smashed & boarded up, skirting boards missing or hanging off & won't be able to see any other probs till viewing at weekend.

Once again,thanks.

Susieh

Doozergirl

You have to decide what it's worth in terms of top value but I wouldn't even flinch at offering 20% less.

susieh_2

In reply to your question about lists of repossessions, honestly, I've no idea, like I said we wanted to view because we liked it and had no idea it was a repossession until we tried to make an evening appointment to view.

Susieh

wildt

We made an offer on a repossessed property today after getting some advice on here yesterday. We have offered £152,950 and the house is up for £159,950. But an offer has already been accepted on the house so we wanted to go in with a good one too. The house is very cheap.. we had to give details of our mortgage and solicitor etc when offering.

It's the first house we've offered on but I'm not getting too excited, I'm prepared to be outbid, but we will soon find out.

One thing I am interested to know is whether the house will be 'blacklisted' and whether the new owner would struggle to get credit there, etc. Does anyone know about this?

Doozergirl

wildt wrote: »

One thing I am interested to know is whether the house will be 'blacklisted' and whether the new owner would struggle to get credit there, etc. Does anyone know about this?

It's a person that has adverse credit, not a house.

susieh_2

Hello Wildt

Good luck with your offer, keep us posted.

As far as I know as long as you have proof as to who you are etc. you may initially get a bit of hassle but it should settle down, we are currently in rented accom & had alot of letters, phone calls etc for the previous tennants, but once we started returning letters with the gone away dates on and speaking to people on the phone they did all stop, (after about 3 months!!!).

Just out of curiosity, you say the house is being offered at a really good price, how much would the property normally be going for.

Susieh

wildt

They sell for well over 200k normally and this one has a very spacious corner plot. It does need a few bits and bobs doing to it though, it has no boiler or garage door and hasn't been kept in the best condition. But we would not be able to afford one of these houses if it wasn't a repossession.

Ahh..fingers crossed! And good luck susie!!