buying a repossed home

flea72

woodkitten wrote: »

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

not really sure what you are trying to say, but usually they go with the highest offer, that can complete the quickest. so as said above, if you offer £75K but are in a chain, then they may go with someone who has offered £72K but can complete within a few weeks.

the figure you offer, is the figure you pay. so if you offer £75K and someone else has offered £72K, then if they agreed to sell to you, you would pay £75K. This isnt ebay, where you win the house on a proxy bid, you are offering to pay £75K, not an amount up to£75K

hth Flea

sealady

nelly wrote: »

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

Oh goodness hope we are not in for any nasty surprises. I've had enough already and we are not even in our repo house yet! We are hoping to complete this Friday if it all goes according to plan.

nelly_2

sealady wrote: »

Oh goodness hope we are not in for any nasty surprises. I've had enough already and we are not even in our repo house yet! We are hoping to complete this Friday if it all goes according to plan.

Aparently removing the gas metre is common practise so get on to the gas now and tell them. They said they couldnt switch us on till we completed not exchanged but that can take another 6 weeks cos they need record from the land reg.

But I ve heard if you go to the gas pipe outside and pull the plastic cap off and turn it on with an alan key it comes on......never tried it myself so wouldnt know

It took me 11 phone calls to find out about getting the gas metre.

National grid are the ones you phone.



You probably will find some suprises so be prepared for a few shocks

heres one we got

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> Plopage :rotfl:

Snooze

nelly wrote: »

But I ve heard if you go to the gas pipe outside and pull the plastic cap off and turn it on with an alan key it comes on......never tried it myself so wouldnt know

:rotfl: :rotfl: :rotfl:

Funnily enough, I've "heard" the exact same thing myself too!

Rob