buying a repossed home

david29dpo

Having bought many re-pros, all i can say to add to the above is you must be on the ball and ready to act fast. Some have 14 days to complete,which is fun! Try not to worry about the last owners, not you fault and someone has to buy it. On my last one the previous owner turned up on the doorstep asking for his mail and family photos out the atic!

Jorgan_2

Don't be surprised if you don't get a bargain with a repo, I agreed a sale on one yesterday, they accepted 2% off the asking price, the first offer was 10% less than the asking price.

Different mortgage companies will have different criteria when it comes to selling their repo's. Some will require a 7 day notice to go in the paper asking for higher offers, some won't. One company we deal with will only accept an offer if everybody in the chain has their mortgage offer, all searches returned and any additional quries answered.

Zebedee69

Only thing I would watch out for is that there is not a CIFAS registered against the house.

This applies to any house though not just one that repossed. There is no blacklist so houses are just houses:D

susieh_2

Thanks all very much for your replies and advice.

The speed of things is a pretty scary thought, though I suppose its better than dragging on forever. Anyhow we'll go & view the property & then make a decision. So watch this space I'll probably be back for more support & advice if we decide its the one for us.

Once again thanks all very much

Susieh

icebergx

Anyone have a list of repossession companies?
I know of AMG but not any others.
Thanks.

Kaz64_2

Made an offer on a repo flat in early November... the Vendors solicitors gave us such a run around we were still not any closer to completion at the end of December, despite them saying it all had to be done and dusted by 30th Nov. The icing on the cake was finding out two weeks ago that the management fees were going to double to £3000 per annum (Old management Co didn't do any maintenance, so lots to do). So I had to back out, ... wouldn't have been able to make ends meet.

susieh_2

Sorry it didn't work out for you. Was this your first attempt at buying a repo?, did you know it was one or did you just stumble across it, as I seem to have done?
It all feels like a bit of a minefield to me!!. We haven't even viewed the property yet and decided it we want it and it's giving me sleepless nights.

Susieh

Doozergirl

Hun, you have to get into the house. Every day that goes past makes it more difficult for you to get an offer accepted. When are you actually viewing it?

susieh_2

We are viewing on Sat morning, we haven't been able to go during the week cos we're both working & couldn't arrange an evening viewing as the electricity has been cut off, so Sat was the 1st available we could both go and be able to see what we're viewing!!

Susieh

david29dpo

It may be gone by then!