Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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Having a stressful time buying my first house! Saw a 3 bedroom flat advertised in the area I grew up in (lovely area), price seemed too good to be true so rang estate agent. Was a repossession so they only need to make back what is owed on the mortgage. Put an offer in £5k under the asking price, which after waiting nearly 2 weeks for info on the leasehold information, was accepted.
Over the weekend we were told that they have to publish the offer to public notice, until the contacts are signed. The next day someone out bid me by £1k, so over last few days we've had a bit of a bidding war while waiting on contracts arriving. Last night contracts arrived at my solicitor ready to sign, only to be sold by the solicitor that it's become apparent that he's representing both potential buyers, which is a conflict of interests, so can no longer represent either of us.
So ive found a new solicitor this morning, but contracts are with the old solicitor and now trying to get them sent across. Mean time, get a call from estate agent to say my offer has been accepted, other party won't outbid me, and have backed out. But they now have to release the new offer to public notice once again, until the contracts are finally signed!!
Soooo sick now, just want it signed and sorted, or if it's going to fall through, to do so so I can sort something else. It needs a few grand put in, fully decorated etc, but estate agent said that even with as little as £2k in, could sell for up to £40k more than I'm paying. Failing that, could rent out for about £350 pm, mortgage is only about £150pm.
If it works out, will be plenty project pics! Anyone else bought a repossession?
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Neil
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Registered: 2nd Nov 03
Location: Newcastle Drives: E46 MSport Coupe
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Is it in Picktree?
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John
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Registered: 30th Jun 03
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There's no chance that 2k will make you 40k. That one sentence makes me 99% sure something fishy is going one.
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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Repossessions are nearly always sold BMV, that sort of equity is possible.
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John
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Registered: 30th Jun 03
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If it was possible someone with cash to hand over tomorrow would have already bought it, spent the 2k on it and sold it again, they wouldn't be arguing over 1k either.
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jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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Indeed, however someone with the cash obviously hasn't made an offer/wanted to buy it. I've bought and resold a few repossessions over the years, though the equity has usually been more like £20-£30k. Banks are arseholes over the offers and having to publish the offers but they're legally obliged to.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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If it was that easy to make cash on the Estate agent would be having it himself.
Also, i thought you had a house already
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Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
User status: Offline
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quote:
Originally posted by jrsteeve
Indeed, however someone with the cash obviously hasn't made an offer/wanted to buy it. I've bought and resold a few repossessions over the years, though the equity has usually been more like £20-£30k. Banks are arseholes over the offers and having to publish the offers but they're legally obliged to.
We're buying it with cash, borrowed from parents, then I'm getting mortgage to pay them back 
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John
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Registered: 30th Jun 03
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Have you checked with the mortgage company about that?
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Lynny
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Registered: 3rd Jan 03
Location: oop north! Where people talk properly
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quote:
Originally posted by John
Have you checked with the mortgage company about that?
Yes.
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Lynny
Member
Registered: 3rd Jan 03
Location: oop north! Where people talk properly
User status: Offline
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quote:
Originally posted by Neil
Is it in Picktree?
No, Ouston
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Russ
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Registered: 14th Mar 04
Location: Armchair
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quote:
Originally posted by Lynny
quote:
Originally posted by John
Have you checked with the mortgage company about that?
Yes.
Have you heard of money laundering?
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Lynny
Member
Registered: 3rd Jan 03
Location: oop north! Where people talk properly
User status: Offline
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quote:
Originally posted by Russ
quote:
Originally posted by Lynny
quote:
Originally posted by John
Have you checked with the mortgage company about that?
Yes.
Have you heard of money laundering?
Yes. Aslong as there's a 6 month gap it's fine
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John
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Registered: 30th Jun 03
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So who's buying? You or parents? Are they buying then selling to you or are the mortgage company happy to then give you a mortgage on it? They surely can't guarantee anything 6 months down the line either?
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Russ
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Registered: 14th Mar 04
Location: Armchair
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I presume they're giving her money. Then she will remortgage for full amount and give them money back.
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Russ
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Registered: 14th Mar 04
Location: Armchair
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Or put 2k in, sell it for 40k profit and use that 40k to buy another repo, pit 2k in. Sell for 40k profit use that 80k to buy two repo's. Repeat until bill gates.
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
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I'm had a nightmare trying to buy a 2bed, 2 bath flat over the summer which was a repossession. Had an offer accepted, only for someone to go in higher when it was published, that the fell through and I saw it in the paper advertised at £5k less than I had originally offered, offered again at the asking price, had it accepted, got gazumped again. Repeat this several times and eventually gave up. Still on the market now and we were effectively cash buyers
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AK
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Registered: 5th Jul 00
Location: Aberdeen City
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whet - that seems a stupid system!
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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£59,950
http://www.rightmove.co.uk/property-for-sale/property-34359548.html
£63,750
http://test.livelets.com/livelets/property/22513784
That's the one I'm after, it was originally on at £75,000. The most I've offered is £77,500 and the money is sat waiting. Its now 'under offer' again (according to the Estate Agents). I would have paid the above in the Summer, now its on at under £60k! Fucking ridiculous, even got a tennant lined up ready to move in
[Edited on 07-12-2011 by LiVe LeE]
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Jamie Walby
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Registered: 15th Nov 04
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£60k for a flat, fucking hell thats amazing 
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Jamie Walby
Member
Registered: 15th Nov 04
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Just to gain some kind of perspective, this flat is bang opposite my house. A house was knocked down to build these flats....
Flat
What makes that worth over twice as much as the one you have linked above. I know area part of the country etc but surely not 90k difference.
I really struggle to get my head around that 
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RichR
Premium Member
Registered: 17th Oct 01
Location: Waterhouses, Staffordshire
User status: Offline
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The one I linked is ridiculously cheap even in the building its in there are others for sale at £110k+. This one is a repossession though so recouping losses but regardless, I've paid out for searches and fees and had no guarantee of actually buying it in over 6 months, even though everytime I've been gazumped, the sale has fallen through.
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ste_p23
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Registered: 29th Dec 08
Location: Hindley,Wigan
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quote:
Originally posted by LiVe LeE
The one I linked is ridiculously cheap even in the building its in there are others for sale at £110k+. This one is a repossession though so recouping losses but regardless, I've paid out for searches and fees and had no guarantee of actually buying it in over 6 months, even though everytime I've been gazumped, the sale has fallen through.
Had a similar experience myself and after 3 months of pissing about decided to call it a day and i think that is stll on the market place aswell 
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Lynny
Member
Registered: 3rd Jan 03
Location: oop north! Where people talk properly
User status: Offline
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quote:
Originally posted by Jamie Walby
£60k for a flat, fucking hell thats amazing
I'm paying just over £28k
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Jamie Walby
Member
Registered: 15th Nov 04
User status: Offline
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Fuck off
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