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HPCbeliever

Buying A Repossession

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I like a house, which is going to be repossessed. I have already flagged interest with the EAs. Is there any way of finding out what is happening in the meanwhile. I mean are the court proceedings a matter of public information? Grateful for any help. I did put this on the main forum and Sarah Bell helpfully pointed out that I could find out the lender from the Land Registry. Anyone else have any thoughts or have you been in this position and have any experience you can share?

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Unless you can pay cash for it and exchange in 28 days forget the idea..don't even consider trying to get a mortgage for a repo property. Hope that helps.

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Unless you can pay cash for it and exchange in 28 days forget the idea..don't even consider trying to get a mortgage for a repo property. Hope that helps.

Is this correct; I thought this only applied to auctions?

So if I bid on a repo via an EA I would have to follow the above instructions?

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I viewed repo last week and agent told me that once my offer is accepted I have 14 days to exchange cos all the searches are already done.

Bloody hell, 14 days? Presumably then only cash buyers would be able to complete in such a short period?

NB I'm a potential FTB so am wet behind the ears regarding house purchasing.

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My old neighbours bought a repo and they didn't have those restrictions (i.e. 28 days and cash, they were also able to get a mortage).

We looked at a repo through a EA. These restrictions were not mentioned. The EA knew that we had a mortgage offer only and still chased us until the property was sold.

I guess there may be some banks that have different requirements but as they are also "supposed" to get the best price it would restrict the number of people able to buy and therefore make this impossible.

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My old neighbours bought a repo and they didn't have those restrictions (i.e. 28 days and cash, they were also able to get a mortage).

We looked at a repo through a EA. These restrictions were not mentioned. The EA knew that we had a mortgage offer only and still chased us until the property was sold.

I guess there may be some banks that have different requirements but as they are also "supposed" to get the best price it would restrict the number of people able to buy and therefore make this impossible.

That sounds more probable.

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