buying a repossed home

wildt

I'm still waiting to hear on the offer we made! Our mortgage advisor faxed through our AIP to the estate agents on the day we made an offer (Tuesday)..and this morning they have rang him again for our solicitors details. What is happening:mad: I am on edge every time the phone rings!!:o

We also went to view another house yesterday and that turns out to be a repossession as well. I must be drawn to them! We love it and the estate agent called us today asking if we want to make an offer..but I'm waiting to hear on the other one first. Is that the right thing to do?

Doozergirl

I had to wait two weeks to hear back once

Just carry on, why not make an offer, even if it's a low one and see how it goes.

Jorgan_2

I've had companies take three months to come back on offers, totally unrealistic, but thats the way they are.

wildt

:eek: I know I have to be patient, but I thought that since the other peoples offer has already been accepted and they are two weeks from exchange, they would have to decide quickly if they wanted to accept ours instead.

What if we make one on the other house as well, and they both get accepted?:p

Hanny_2

Hi all,

My boyfriend and I are hoping to buy our 1st house together this year, we had the usual look on rightmove and have fallen in love with...you guessed it...a repo property. There are two identical houses up for grabs next door to each other, one in need of more work than the other but we are desperate to get our hands on either.
We had looked into the ins & outs of buying a repo and thought it was pretty straight forward (not that we know much about house buying as this is our 1st time).......HOWEVER.... after having 2 offers refused on 1 of the properties we spotted the other (better condition) in the paper under 'notice of offer'. We, as requested, put forward a higher offer in writting only to then be told by the estate agent that there are 3 offers on the table, ours being the middle offer, and that they wanted to make sure all parties were 'ready to go'. This we did expect, but now they are saying they have to put ALL offers to the broker and then they will pick one!?!?!? This is taking ages & I've never heard of it done this way. Also, they have let slip that there is a connection, eg a certain Spicer agent dealing with a 'Spicer Haart' broker?

Very confussing indeed. We hadn't even put in our highest offer as yet.

Can anyone advise??
All views much appriciated xx



Surely they would just go with the highest offer, right?

Doozergirl

If there isn't much difference in price, they may go for whichever they feel is most likely to proceed successfully - ie. a cash buyer is better than a FTB, a FTB better than someone who has a house under offer.

Spicerhaart I think are the central office where repossessions go to for that group of companies. I've certainly dealt with Spicerhaart through Haart agents.

Kaz64_2

susieh wrote: »

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

Sorry for delay in getting back to you, Susie. Yes, I just stumbled apon it. Didn't know it was a repo until the EA told me. I get the feeling unless you are in the know, it's just down to luck.

MiserlyMartin

I don't think anyone should buy a repo at the moment. This crash hasn't even got going yet. To buy now would be like trying to catch a falling knife on the way down.

woodkitten

Please any info on the buying of a repo, if an offer has been place for 70,000 and notice has gone in the paper what are we meant to do, i wish to make an offer but if i was to offer say 75,000 and the other parties do not go above say the 72,000 would we be expected to pay the offer price or do thy go the nearest best offer, i know there may be other factors like who is best placed to move the quickest etc, but if it is based on price and all the other factors are equal is it, you make the offer and if it is 3-4,000 above the lowest you still have to pay the max, that you offferd sorry for rambling here but i am not sure how to put this to you. Well i hope somebody can understand what i am trying to get across here thanks in advance Dee

nelly_2

We just bought a repo and completed in 4 weeks.

Mainly cos we had a very good financial lad on our side and awesome solicitors.

Be awre that the utilities companies are all thick as pig shyt when getting stuff switched back on [STRIKE]I did the gas and electric myself[/STRIKE] they came on mysteriously on their own

And theres allways more problems then you'd expect...but its more fun that way