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henrypootle
Posts: 109 Forumite
I've read lots of horror stories online about buying repossessions (an the fact that you can be gazumped right up to the last minute) but has it worked out ok for anyone and has anyone got any tips to help it go as smooth as possible? Just weighing up what to do!
Henry Pootle (aka Piglet) 
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Comments
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I've bought two repo's and both have worked out well.
You just have to do your homework and have everything ready to go right at the start. Getting the EA onside is a big advantage too, they can manipulate the process in your favour to a certain extent.
Its a nailbiting process though and not for the faint-hearted. I would definitely do it again however, both mine were for renting out not as my home so I was not emotionally attached, I think that would make a big difference.0 -
I had all my ducks in a row (AIP with broker, proof of savings etc) before I went for it with the EA as there is a 28 day timeframe so you need ot be on the ball.
Everything worked out OK for me apart from having a lot of junk to clear out.
Would I ever do it again, no but it was fun as a project for me to do as I was in the mood for a project. If you want a project job with suprises then go for it as you can get an absolute bargain.0 -
My OH and I bought a repo 2 years ago. We were fortunate to have the cash lined up so were able to move quickly and had to complete within 28 days. The property was only 12 years old in a factored development so we thought any problems would be minimal. The property was empty for a year, so the main worry was the boiler, however, it fired up first time and after a service was good to go. One snag was that the previous owner hadn't paid the factoring fees for about 18 months prior to the repo resulting in a charge being placed on the property. I could not believe we as new owners were liable, but our solicitor sorted it out and we paid nothing. Once we gained entry we completely redecorated, put in all new white goods and a new shower, a frantic couple of weeks. From viewing the property to having a tenant took 7 weeks. This was our first rental so more good luck than good planning I think. The lesson s I took from this were that you have to be in a sound position to move fast, and there are likely to be unexpected consequences of having a debtor as the previous owner. Good luck!0
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I bought a repossessed flat. No different from any other sale, except the vendor is a bank.0
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Dorian1958 wrote: »My OH and I bought a repo 2 years ago. We were fortunate to have the cash lined up so were able to move quickly and had to complete within 28 days. The property was only 12 years old in a factored development so we thought any problems would be minimal. The property was empty for a year, so the main worry was the boiler, however, it fired up first time and after a service was good to go. One snag was that the previous owner hadn't paid the factoring fees for about 18 months prior to the repo resulting in a charge being placed on the property. I could not believe we as new owners were liable, but our solicitor sorted it out and we paid nothing.
Yes, a decent solicitor will insist on the bank paying off any outstanding charges. Not that they wouldn't - they have deep pockets and want to get rid ASAP.0 -
Well we've put in an offer with the estate agent so waiting to hear back now. We're ready to go in that we have dip with mortgage provider (I'm hoping the mortgage bit won't hold things up too much) and solicitor ready to go. I think we're prepared to go for it with our eyes open and prepared for the unexpected!
The house is only 12 years old - should we still go for a survey?Henry Pootle (aka Piglet)
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Except they're usually marketed up to exchange and usually need to be purchased within a short timeframe. Most 'normal' sales mean the property is removed from the market and they generally take around 12 weeks.I bought a repossessed flat. No different from any other sale, except the vendor is a bank.2023 wins: *must start comping again!*0 -
henrypootle wrote: »
The house is only 12 years old - should we still go for a survey?
Depends how keen an eye you have. If you know someone who might be better suited to the job, take them.
Bear in mind if it's a repo, the owner is unlikely to have been spending money on looking after the property. Structurally/electrics, etc should be okay as quite new, but there may be things that don't work or are broken.2023 wins: *must start comping again!*0 -
Think its just a case that it hasn't been looked after - needs a good clean, re-carpeting throughout, redecorating and a new kitchen. Spoke to a neighbor on our last viewing who said they're good houses - not any known problems - on a nice small estate. Apparently the guy who lived there tried to sort out a problem with the boiler himself so that would need looking at.Henry Pootle (aka Piglet)
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Another difference with a "normal" purchase was that the property questionnaire was left completely blank, albeit signed off by the bank. Also, there were no manuals for the boiler and appliances (not obligatory to leave behind, but nice to have) and no clue about who had previously supplied gas/electricity. Not big issues, just adds to the mix. I do hope you will let us know how you got on.0
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