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Any words of wisdom about buying repossessed properties which are with Estate Agent (i.e. Not gone to auction), please?

If you are really keen, but bit lazy - you can ask a solicitor to do a search, but without producing a report. This way, you get all important information for about £200.

Be aware of

Ownership dispute (this is surprisingly common), particularly shared ownership, part buy, etc

Undisclosed colleterals against the property

Check home insurance and car insurance at the address on comparison sites. If it's very high, be alarmed.

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In my experience agents try and hype them up as they would other properties. We have looked at a few. They are obvious repos as the yellow tape covering the gas, water etc is visible in the agents photos online.

One we looked at was available for viewings for a few week. No takers at the asking price, so the agents asked for "best and final" offers to be sent to them by a Friday. Even after we submitted the offer and the Friday came and went, the agent was still calling us claiming that there were two offers of the same best price and asking us to increase. We declined. The house went "under offer" on their website but a couple of weeks late the agent called us to say that the buyer had withdrawn. This went on for months unless it was eventually sold at a price higher then we wanted to pay (checked the Land Registry etc).

Some repos are advertised in newspapers and online with "an offer of £xxx,xxx has been received please contact the agent before (date) if interested".

Hope this helps

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Cheers guys.

Today I have had an offer accepted.

The property needs a fair amount of repair work and decorating - I don't mind that.

Just praying that I do not get gazumped!

My understanding is that you can still be gazumped after the compulsory 7-day advertising.

Is there anything you can do to avoid this so I do not waste survey and solicitor fees?

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Get everything you can done before your offer is made. (bit late for you) just try to get everything moving for as quick as possible. Pester your solicitor to get things moving fast. If your solicitor is local tell them you'll pick up and drop off documentation to save a few days postage.

Repos are normally still advertised as with the standard "we have received an offer of £xxxxx if you wish to increase..." until exchange of contracts.

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I think it's crazy that you could pay Solicitor fees and survey fees and be gazumped at the last - madness!

I'm going to get things in place with the Solicitor Monday then set the ball rolling with the bank and surveyor after the '7-day' period.

Does this sound sensible?

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I think it's crazy that you could pay Solicitor fees and survey fees and be gazumped at the last - madness!

I'm going to get things in place with the Solicitor Monday then set the ball rolling with the bank and surveyor after the '7-day' period.

Does this sound sensible?

You can get gazumped any time up until you have exchanged contracts.

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You can get gazumped any time up until you have exchanged contracts.

There are even stories of people being gazumped after the point (though not by a bank).

But you can sue for your losses in that circumstance

tim

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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