Repossession

(4 Posts)
MadeForThis Sat 10-Sep-16 16:39:42

Hi
We went to view a house today. Turns out it's a repossession. One asking offer bid already on but property stays advertised until completion. House is in a good area but needs a serious amount of work including an extension that needs to be passed by building control.
We're first time buyers with no chain. Can get a mortgage in principle very quickly. I'm very nervous of making an offer. Don't want to have an offer accepted, fall in love with the house and then lose it because another party makes an offer at the last minute. Also terrified of losing money on survey and solicitor is we lose the house.
Is it better to walk away and find another house, it's a fast market and new houses are coming on all the time. We are in no rush to buy. Or, do we take a chance and make an offer?
Has anyone bought a repossession before?

I appreciate any advice

namechangedtoday15 Sat 10-Sep-16 19:35:51

If you are nervous and you have a finite pot of money for pre completion costs (survey, solicitors etc) then a repossession is probably not your ideal purchase. Have dealt with repo's through work and lenders rarely have qualms about pulling out if they get a better offer / don't think you're moving quickly enough / keep negotiating etc.

specialsubject Sat 10-Sep-16 20:12:13

for a repo the seller (the lender) is obliged to get the highest price possible - think of it as reducing the pain for the person who got repossessed. This means you can get outbid right up to exchange (surely not completion?). Same as any other property although as you note the advertising will continue.

you could do no complete/no fee with your solicitor, but yes you do risk survey, searches etc. Again, like any other property.

you've nothing to lose by offering but factor in work done, state of place (empty, possibly trashed) and so on.

MadeForThis Sat 10-Sep-16 22:53:09

Thanks for the advice. I'll look into a no completion no fee clause with a solicitor.

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