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Stumped_2
Posts: 1 Newbie
My daughter is buy a house, they are very near to completion but have just been told that the house has been repossessed. They only found this out because the bank that have repossessed it have gone into the same estate agents and the estate agent phone to see if they had pulled out. what happens now we would welcome any advice. Thanks
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I would suggest that if it has been repossed the bank will still want to sell it, so maybe you'll buy it from the bank rather than the vendor. You may be able to get a nifty discount if they have caused any damage with the repossession or if the place has been left a state. The bank will just want to be getting back their money.Top wins in 2018: Trip to Iceland, helicopter ride over london, couples massage, £300 flight from Pringles, trip to Paris, cocktail making class and afternoon tea up the shard. .
Top wins in 2017:holiday to the Bahamas, trip to Paris, meal with champagne, a week in a manor house in France with £500 spending money.0 -
I remember a similar post within the last month or so, have a search around a see if you can find it.
That one worked out well as the solicitor got in touch with the bank doing the repossesing and arranged the sale with them part of it.
Hopefully your daughters can also do this.
The vendor then gets anything left or has to take a loan out in order to pay the shortfall.I beep for Robins - Beep Beep
& Choo Choo for trains!!0 -
The bank will have their own valuations carried out on the property, usually three, before putting an asking price on the property. The bank has to be seen to achieve the best possible price so the chances of getting at a greatly reduced price are slim, unless it s been trashed.
Normally a repossession has to be advertised at least twice in the local paper & a public notice advising of what offer has been made and asking any interested parties to make a higher offer before exchange of contracts or seven days from the notice appearing. This may well be different where a buyer is already in a position to proceed.
The bank would have to issue an new sales contract as the sellers details will have changed, but the searches & mortgage offer, subject to the purchase price not changing, should still be ok.0 -
if it was me i would be jumping for joy and offering 30k less now its a repoIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Makes you wonder why the seller didn't go to court to stop the repossession with proof form their solicitor that they had a sale about to go through.
I presume your daughter hasn't yet exchanged, otherwise the solicitor acting for the seller should really be taking the lender to task over this.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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