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Advice / Checks To Make Before Buying A Repo

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Anyone have any experience / tips etc on the process of buying a repo

The house im looking at has an offer on it at the moment which has been refused, but don't think it will go for a lot more

The previous owner has removed almost everything internally, inc radiators, boiler, doors, 1 of the baths, entire kitchen

and has filled a few sink holes and electrical sockets with silicone before they left, well that's all that can be seen anyway

What sort of checks would you personally make before making an offer

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Williw is correct in that it is likely the previous owner has done all they could to sabotage the sale of the house so ensure you check EVERYWHERE and EVERYTHING to know exactly what you are up against, get somebody in who know's what they are doing to give you advice on this.

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Camera will certainly be going down drains , plug holes and anywhere else that I can think off

Was thinking of getting a few trades in to look round with me, and someone to do the drains etc

I will put aside 5-10k for the unexpected , and hope for the best

I'm sure there is bound to be something hidden, when they left the house as it was

In saying that it wasn't too bad, just cut blinds, carpets etc and the previously mentioned

Didn't break any windows, bathroom tiles, showers, toilets etc

All wooden floors are in v good order

Still early days and it might go over what I'm prepared to pay, but wanted some advice as to what to look out for and what costs are involved compared to buying

A 'normal' property

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You are looking at roughly 3k for new central heating (for gas anyway), say 800-1000 for new bathroom suite, 1500 for basic kitchen. If you are lucky you might just need to replace wall sockets, if ur unlucky then it may be a full rewire job which would run into the thousands. Doors are from around 100 quid upwards each. You need to check for damp also, damp proofing could be costly also. Plus the cost of redecoration, furniture and the rest. These are just stuff that's obvious, there could be a lot more that needs doing, get a survey done.

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Yea all those things have been calculated approx, it's more the things you wouldn't normally think about I would be worried about, as I have never dealt with a repo before

Damp doesn't seem to a problem and the house is approx 6-8 years old btw

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Yea all those things have been calculated approx, it's more the things you wouldn't normally think about I would be worried about, as I have never dealt with a repo before

Damp doesn't seem to a problem and the house is approx 6-8 years old btw

Glad the bank has granted you permission to survey the drains etc prior to purchase.

We were refused permission for all checks -gas/electric/drains prior to purchase in our case.

In our case even things that looked ok needed replaced.

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As a rule of thumb, if the people who had their house repossessed are dumb enough to silicone the plugs and cement the toilet, its not an area I'd be interested in moving to.

This isn't a reflection on people who have had their house repossessed,just their actions once they are being repo'd. I have been in houses that have been left immaculate- vacuumed and cleane top to bottom by the owners prior to repossession. That is the area I'd buy a repo in.

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My advice would be similar to the above. Don't touch it. A home should be somewhere that you feel comfortable to live in. Clearly the previous owners had problems and are volatile - do you really want them turning up on your doorstep? What paper trail will they have left to the house? I have bought repossessed properties in the past but have steered well clear of anything with such an obviously volatile history.

If you do however decide to still go ahead, structurally as the building is less than ten years old, any major problems should be covered by a scheme such as the NHBC warranty. This is worth checking. If its a relatively new build, I would also look at the allocation of houses in the local area ie the mix of private and social. Also do a price comparison search on rightmove (look carefully at the number of private rentals as well). Always worth checking the state of gardens!

Best of luck!

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It is impossible to advise without seeing the property. Most people who buy repo's are investors who will rent or even hold to sell later. They 'dont get involved'.

As stated above you, and your family are going to live in this house and you want to feel content and happy. From what you have described that will appear difficult as you will be unsure what horror is going to appear and whatever budget you set aside to 'make good' is unlikely to be enough.

There do appear to be a 'few gems' out there at the auctions but sometimes there is a reason why they are been sold at auction.

I would advise to buy new or nearly new with a good bit of the NHBC 10 year warranty in place, and the higher insulation and build quality of newer houses. Like you would do on any TV, check the name of the manufacturer or in the case of houses the builder. If you, your solicitor never heard of them then be cautious. Equally if you or your Solicitor heard of them for the wrong reasons then also be careful.

If you are getting discount because there are title issues this discount may be magnified when you try to sell later in a recovered market.

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As a rule of thumb, if the people who had their house repossessed are dumb enough to silicone the plugs and cement the toilet, its not an area I'd be interested in moving to.

This isn't a reflection on people who have had their house repossessed,just their actions once they are being repo'd. I have been in houses that have been left immaculate- vacuumed and cleane top to bottom by the owners prior to repossession. That is the area I'd buy a repo in.

The area is perfect, certainly nothing to worry about there.

Just to make it clear I never mentioned the toilet was cemented, just silicone on a few plug holes and 3 or 4 electric sockets and I think 4 bedroom carpets slashed

The house is quite large and currently sitting at 45% under RTV, after fitting it out to our spec it would still be approx. 33% under RTV depending on the final sale price

From, looking around it , there seems to be a lot of money spent on the actual build and quite a lot of small details which would make you think no expense was spared when built

Probably one reason why its repossessed currently

Will keep this thread updated on any changes, findings etc

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The house is quite large and currently sitting at 45% under RTV, after fitting it out to our spec it would still be approx. 33% under RTV depending on the final sale price

From, looking around it , there seems to be a lot of money spent on the actual build and quite a lot of small details which would make you think no expense was spared when built

Probably one reason why its repossessed currently

Will keep this thread updated on any changes, findings etc

First offer at 45% under RV or asking price 45% under RV?

You a cash purchaser?

Otherwise with no kitchen you're unlikely to get a mortgage other than some kind of self build to complete the purchase, and if that's the case you fall down the banks pecking order.

They are mandated to get the best price but also to go with whowever is likely to complete first for the best price.

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Cash buyer

Asking price and what the EA expects it to got for, unless there is a bidding war which I doubt, if that does happen I will pull out at a certain point im happy with

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Cash buyer

Asking price and what the EA expects it to got for, unless there is a bidding war which I doubt, if that does happen I will pull out at a certain point im happy with

Good luck to you.

If you haven't already done it, my advice would be to get a builder/surveyor to view it with you.

We did, pointed out several issues I hadn't even thought of.

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Thanks and that's why I started his thread, basically for advice on things you normally wouldn't think of checking on, before buying

Which issues were pointed out to you if you don't mind sharing or anything you can think off in the way of advice, apart from builder/surveyor

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Thanks and that's why I started his thread, basically for advice on things you normally wouldn't think of checking on, before buying

Which issues were pointed out to you if you don't mind sharing or anything you can think off in the way of advice, apart from builder/surveyor

Nothing major, broken tiles, areas of possible/future water ingress requiring action.

Only after water turned on did the same builder and plumber mate have to sort out cracked toilets, damaged waste flow pipe, cracked shower wastes, leaking hot and cold water pipes. Every radiator valve leaked/ damaged needing replaced. (none of these were visible prior to turning on of services - not even toilet)

I predict you'll eat into your predicted contingency and more rectifying issues.

You'll also be possibly receiving mail and money demands long after completion.

If you complete,first step is to get on electoral register for the property. (helps in the longer term!)

You may need letter form solicitor (faxed) like we did to prove change of ownership to allow gas to be turned on. (large outstanding bill left)

Leasehold or freehold?

If leashold ensure your solicitor gets confirmation the bank has discharged all outstanding ground rent.

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I was wondering why you think this house is so bad? I must admit to having a look round, and okay, there's a fair bit that needs doing, but it's not a complete mess. Structurally it seems quite sound.

I would look really really closely at this one. The developer was really thorough clearing this out. It reeks of vengeance and spite.

I wouldn't be surprised if all you are left with is the actual structure. 170k is a lot for a pile of bricks (albeit structurally sound bricks) in Ulsterville.

This is Students Ville. The area is only going to get worse.

I'd maybe consider it for a student let but you'd still end up paying big money fixing what's been done to it.

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Damp doesn't seem to a problem and the house is approx 6-8 years old btw

If it is the one highlighted

more like 80 yrs +

My impression, damp will be a problem.

However, you're almost better having it stripped like this to ensure that all the work you do to it is of satisfactory quality.

This is a really big property, it's gonna cost a tidy sum. Large kitchen, central heating, 2 bathrooms +/- a couple of ensuites + labour!

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Noticed alot of locals selling up since I left university. The rot seems to be spreading out from Queens. I don't think the 36 one bed development and 12 studios across the road will help much, especially when it comes to parking. The street has been getting progressively higher in density. Most landlords don't care who they put in, as long as it covers the mortgage interest.

It's a pity. It was a nice street back in the day.

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If it is the one highlighted

more like 80 yrs +

My impression, damp will be a problem.

However, you're almost better having it stripped like this to ensure that all the work you do to it is of satisfactory quality.

This is a really big property, it's gonna cost a tidy sum. Large kitchen, central heating, 2 bathrooms +/- a couple of ensuites + labour!

Have to agree. If its the one I linked to it will be a money pit.

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