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Advice on buying a repossession wanted please

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My house has been on the market for 3 or 4 weeks, had 2 viewings and but no offers as yet. I've viewed a house today which is a repossession. The agent who showed me round said that if you offer on a repossession and it's accepted, you have to complete within 28 days. Is this correct? If it is, my main issue is obviously that my house hasn't yet sold. The only option I can think of is to put an offer in on the repossession, then if it's accepted work out the least amount I could accept on mine then drop it to that, get my agent to market it like mad and pray for a buyer in time.

 

Do you think there's any way this could work? Has anyone bought a repossession and how did it go? Were there any problems?

 

Aqua

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Given the state of the current market why don't you sell yours first?

 

If you drop the asking price of yours people are still likely to offer you less than the asking price you drop it to, because currently people have an aversion to paying the asking price regardless of the price it is on at.

 

What the agent has said isn't strictly true. They often give a couple of weeks more. However up until you exchange contracts they'll actively consider other offers, which you may find disconcerting particularly as you'd have to pay your conveyancer for the work done to a particular date if the sale falls through (unless you take out an insurance policy to cover this).

 

My advice is to get an offer on yours first and then negotiate on others.

 

My house has been on the market for 3 or 4 weeks, had 2 viewings and but no offers as yet. I've viewed a house today which is a repossession. The agent who showed me round said that if you offer on a repossession and it's accepted, you have to complete within 28 days. Is this correct? If it is, my main issue is obviously that my house hasn't yet sold. The only option I can think of is to put an offer in on the repossession, then if it's accepted work out the least amount I could accept on mine then drop it to that, get my agent to market it like mad and pray for a buyer in time.

 

Do you think there's any way this could work? Has anyone bought a repossession and how did it go? Were there any problems?

 

Aqua

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Hi

 

I am looking to buy a house in the Richmond / Castlebeck area asap for my sister. Are you able to send me a link? I am in a position to complete straight away and may even have a cash offer - thanks

 

Stacey

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Hi Stacey,

Here is the link:

http://www.rightmove.co.uk/viewdetails-22479005.rsp?pa_n=1&tr_t=buy

 

I also have a property profile which I give to viewers, so if you're interested please pm me your email address and I'll email you a copy of that (it has info on the property, local area etc.).

 

My house is on a quiet side road and features include off street parking, huge rear South facing garden with big metal shed and patio area, large kitchen dining room, recently plastered living room, stairs and landing, and gorgeous fully tiled bathroom in white with white suite and dark grey tiled flooring. The property has GCH, double glazing and a burglar alarm, plus it's in the lowest council tax band and is close to local facilities including shops and schools.

 

I'm only moving as I'm a single parent and need to move area to be closer to family. It's on with Baldersons. PM me if you would like further details or would like a copy of the property profile or contact Baldersons on 258 2561.

 

Aqua x

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is there a way of finding reposessions? Are they all listed in one place?

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At the end of the day the property is sitting gathering dust and is a financial burden to the mortgage lender who reposessed the house. I'm sure they'd consider any reasonable offer however they'll want a quick sale. If not it could go to auction where they'll most likely get even less for the property.

 

You could make an offer, just dont assume it's yours until you've cleared the chain at your end. They might except an offer before hand but there's no way they'll take it off the market for you.

 

Personally, I'd try sell my property as this would make your offer much more appealing. You can probably go in with lower offers too.

 

You could take out a 2nd mortgage and get into the renting game with your current house... but given todays housing market it would be a very brave (or rather a stupid) risk.

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The period for completion is whatever is stated in the contract. If they are asking for 28 days to complete then that is what it is. However, if this isn't realistic just tell them and they should be fine with it.

 

If you happen not to complete within 28 days you then have (from memory - it changed recently) 21 days to complete after being served with a completion notice from the vendor.

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Thanks guys, you've all been really helpful. Just need to sell mine now!

 

Aqua

x

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We looked at some repossessions as first time buyers and walked away. You have to exchange contracts within 28 days which wasnt an issue. What was is that the property is still marketed in those 28 days and your offer if accepted is printed in the papaer. Anyone wishing to offer a higher price can do and you lose out. It wasnt for us.

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