buying a re-possessed house
- Thread starter justAl
- Start date
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Purchase should be fairly smooth, in that your are dealing with one end of the chain (the bank) and as they are a professional outfit they just want it off their hands.
It would really help if you get the name/number of the person in the bank head office who is dealing with the sale to ensure stuff is done.
The problems can start after the sale in that the property will probably be on the blacklist of every credit agency, and every time you apply for any form of credit (even buying a TV at Comet) you get the address being flagged up. You are also likely to get knocks on the door from large ex rugby players looking for the previous occupants.
You may also find that you get an entire new front door, locks, frame and surround supplied by the local boys in blue when they stove the entire thing in at 5am one Saturday morning looking for the previous occupant.
On a slightly more serious note, how much renovation is required ? Because somewhere that has had the bathroom and kitchen stripped out and all the internal doors removed by the departing party, you can also find out later have also removed all the copper piping under the floor, removed meters of wire in the walls and half sawn through floor and roof joists. All repairable, but you need to go in with very open eyes, pay for the best building survey you can afford, so that if stuff like that is missed by the surveyor you get paid for the mistake (or more the point, they pick up the tab for the first month of the builders work and materials, thank very much)
It would really help if you get the name/number of the person in the bank head office who is dealing with the sale to ensure stuff is done.
The problems can start after the sale in that the property will probably be on the blacklist of every credit agency, and every time you apply for any form of credit (even buying a TV at Comet) you get the address being flagged up. You are also likely to get knocks on the door from large ex rugby players looking for the previous occupants.
You may also find that you get an entire new front door, locks, frame and surround supplied by the local boys in blue when they stove the entire thing in at 5am one Saturday morning looking for the previous occupant.
On a slightly more serious note, how much renovation is required ? Because somewhere that has had the bathroom and kitchen stripped out and all the internal doors removed by the departing party, you can also find out later have also removed all the copper piping under the floor, removed meters of wire in the walls and half sawn through floor and roof joists. All repairable, but you need to go in with very open eyes, pay for the best building survey you can afford, so that if stuff like that is missed by the surveyor you get paid for the mistake (or more the point, they pick up the tab for the first month of the builders work and materials, thank very much)
Debian
New Member
- Location
- West Midlands
If no-one agreed to buy a repossessed property then maybe the banks would learn not to be so trigger-happy, to lend in a proper fashion in the first place and to actually help someone who is in genuine difficulty.
MacB
Lover of things that come in 3's
- Location
- Farnborough, Hampshire
Crackle said:
Grimly sad indeed and not always the most financially sound decision. Especially if rehousing a family can result in rent benefits that are higher than the mortgage maintenance would have been.
Hacienda71
Mancunian in self imposed exile in leafy Cheshire
- Location
- Wilmslow, Cheshire
Also when buying a reposessed property you may not get precontract enquiries answered and therefore may not know if you are connected to mains sewers or if utilities etc are connected.
Debian
New Member
- Location
- West Midlands
Uncle Mort said:
Crackle said:
MacB said:
This is what I mean by helping borrowers who fall into debt through no fault of their own. Banks, umbrellas and rain spring to mind.
The Gov is quite happy to pour billions into the banking system but not into helping those caught out by it.
MacB
Lover of things that come in 3's
- Location
- Farnborough, Hampshire
Debian said:
but they do, they just need the individual to hit rock bottom first, then they can sign them up for all of the self help on offer. We should all recognise that we don't matter enough and allowing us to fail is perfectly acceptable. The banks are important, though explanations why vary, and therefore cannot fail.
my daughters bought a flat that had been repo'd. The answer to the question is that the bank has a duty to realise as much as they possibly can. So they usually go out to three estate agents, and go with the estate agent that is confident of getting the most. Allegedly. Actually they punt it to three mates who then look over each other's shoulders and somehow it goes for a knock-down price. Uncle Mort has a point - they're unlikely to take an offer that's much below the asking price because they have to be seen to be doing the right thing - but, if memory serves, the girls offered almost the asking price which was modest.
H71 may well be right - we were in a position to make our own enquiries.
H71 may well be right - we were in a position to make our own enquiries.
biggs682
Touch it up and ride it
- Location
- Northamptonshire
looked at one a few years back and i couldnt believe how much stuff the previous people had either ripped out or broken just for the sake of it , right down to the stair treads , and urinating all over the floor boards etc etc
Even a sale by a mortgagee in possession has to have a HIP, which must include a local authority search and drainage search.Hacienda71 said:
Not so with pre-contract enquiries, which it is standard for a MiP not to answer. Don't assume that means there is nothing adverse.
Be very aware that people who have their houses repossessed generally run up other debts first. Not all of those are over-reached by a sale by MiP, so make sure you get the conveyancing done by someone who knows what they are doing.
hobbygirl
Active Member
- Location
- worcester/warwickshire border
we brought our current house after repossession we definately had all locks changed but would do that whatever house we had. we have had no problems other than lots of letters after debts but we just return them with a note attatched explaining the situation .
