Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Im looking at buying a reposesion house and just wondering if anyone has any problems about buying one at all or any experience to help out?
There isnt really much info on the house as obviously the owner hasent left any.
Can any policies be taken out agaist stuff? Its in pretty run down condition but nothing a bit of hard graft wont sort out.
Any help appreciated.
cheers
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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I think the First thing to check out is if it's actually a good deal. Round here agents overprice houses purely to get them on. Repos will have 2 or 3 vals carried out and normally only 1 gets it on.
The houses are normally fucked or poorly maintained because the ex borrower has not looked after it.
Then there is the agents attitude. They earn fuck all on the fee so will set up a sale then fall it through to get a mortgage sign up with the next buyer.
Sometimes they are alright but usually arent as cheap as they look. A bit of a pain in the arse if you ask me.
Corsa 2.0 16v Vegas - Sold
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
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Oh and a surveyor goes round at appraisal stage so if they make it to the market they normally will get through a mortgage val once sold.
Corsa 2.0 16v Vegas - Sold
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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This is very cheap, house is on for £135k.
The house after would be worth around £185k.
Round here that is stll a cheap house.
Yes its run down and needs alot of work. But nothing to serious.
I have read about the estate agents keep them on the market, will be something to ask tommorow when i do 2nd viewing.
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VegasPhil
Premium Member
Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline
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Yeah you won't be able to get round that unfortunately. The system stinks, keeping the house on the market, public notice, gazumping.
If you do go for it get a decent local solicitor who can work the purchase quickly.
Also if it has only just come on the market check with the agent as you may not want to offer straight away. Repo's usually need to be advertised in the paper before any offers are looked at. Then you can get an idea of interest and how best to play it.
Corsa 2.0 16v Vegas - Sold
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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well they have had the property for 2 weeks but they have only been given the price for it on monday.
Im going tommorow with my others half dad (used to be a surveyor) and my brother who has done a few houses up with me and were gona roughly cost out stuff.
Its deffinatly not the first ive done but buyimg a repo is new and there seems alot of strange stuff out there.
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
User status: Offline
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Went to second viewing today. Found out that it's actually listed even though we were reassured it wasent yesterday. A lot more troubles than its worth with the amount that needs doing!
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Ben G
Member
Registered: 12th Jan 07
Location: Essex
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we looked at a repo and the next day it mysteriously sold. wasn't any offers in before so we can only assume the estate agents friend bought it or it was dodgy.
sometimes it's not worth the aggro.
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Colin
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Registered: 4th Apr 02
User status: Offline
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I bought a repossessed flat and done pretty well out of it. Obviously its sold as seen so no comeback at all if the heating doesnt work and costs a fortune to fix etc.
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Haimsey
Premium Member
Registered: 8th May 05
Location: Nottingham Drives: Corsa B
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With repo's its all the more easy if youre a cash purchaser, know something about the area and have done your research.
Obviously that would be the route for all house purchases, but with time being of the essance, more so on repo's.
The reposession comapnies just want their monies and with them not knowing anything about the property they will provide little response to enquiries about the property, they will provide very little, if anything, in terms of Certificates for the property as thats not something they would be in possession of anyway.
However, you can indemnify the fuck out of everything these days 
If youre handy in terms of DIY, then the potential is there.
Ive dealt with some that are such bargains, also seen one regular client sell within 8 weeks of purchasing for a 33% outiright gain 
Edit: However, there have also been people who risk it with a Mortgage, and somehow pulled it off and got themselves a bargain. So it can work both ways.
[Edited on 01-07-2012 by Haimsey]
Marcy Marc 
White Sport Progress Thread
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Rob_Quads
Member
Registered: 29th Mar 01
Location: southampton
User status: Offline
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Be aware that with it being a repo be aware that it will need a wiring/gas check etc.
They are often essentially sold as seen normally and will have all the services turned off and its the buyers responsibility to make sure that the property is 100% safe before turning on the water/gas/electrics.
If its a repo this may affect getting the mortgage on it, it may need a much more detailed survey to get it etc.
gazumping is a major problem, specially for repos where the bank just wants the most cash so even if you are virtually through with buying it, if someone else comes along with more cash then they will often get the property.
The buying system over here really needs a reform such that once both parties have agreed a price thats it, job done
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Carl
Member
Registered: 9th May 04
Location: Jimmy Bennett's la la land.
User status: Offline
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Squeeky bum time, hated every day of it when we bought ours, especially when the mortgage company or solicitors start slow timing as they generally do.
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