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dougal

Advice Needed

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Hi everyone,

Does anyone know if its possible to approach a bank directly and offer to buy a repossessed house before they try to sell it? Reason I ask is my mum's house has been repossessed and the bank have said they will sell it for £150k despite it being valued last year at aprox £280k. Is there any legal reason why the bank cannot accept an offer without putting the property up for sale/auction first? Also, can someone give me a run down of the the drawbacks (if any?) of buying a repo'd house. Someone told me you can't get a mortgage but surely this isn't true?

Thanks

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Hi everyone,

Does anyone know if its possible to approach a bank directly and offer to buy a repossessed house before they try to sell it? Reason I ask is my mum's house has been repossessed and the bank have said they will sell it for £150k despite it being valued last year at aprox £280k. Is there any legal reason why the bank cannot accept an offer without putting the property up for sale/auction first? Also, can someone give me a run down of the the drawbacks (if any?) of buying a repo'd house. Someone told me you can't get a mortgage but surely this isn't true?

Thanks

I have actually done this myself - in fact a property was to be sold at auction, I spoke to the bank that was selling it and they invited me to make an offer before it went to auction. So no reason at all. I'm surprised the bank has said what they would sell it for though unless you are going by the outstanding sum or guide price.

As for a mortgage, again, if the property is mortgageable I don't see the problem. Wasn't for me.

Best bet. At the first chance go and speak to the bank, explain the situation and ask if you can buy the "family house" before it goes to auction. What have you got to lose?

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I have actually done this myself - in fact a property was to be sold at auction, I spoke to the bank that was selling it and they invited me to make an offer before it went to auction. So no reason at all. I'm surprised the bank has said what they would sell it for though unless you are going by the outstanding sum or guide price.

As for a mortgage, again, if the property is mortgageable I don't see the problem. Wasn't for me.

Best bet. At the first chance go and speak to the bank, explain the situation and ask if you can buy the "family house" before it goes to auction. What have you got to lose?

Right well I will have to get on the phone tomorrow and try my luck. Cheers for that!

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Right well I will have to get on the phone tomorrow and try my luck. Cheers for that!

Don't forget to repeat that it is your family home, etc., and that you don't want to see your mum's hard work go to waste, etc.,

Also turning up in person if you can manage it might be better than a phone call to banks these days - especially if they use call centres to field calls.

And good luck!

Edited by cocacolalight

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Right well I will have to get on the phone tomorrow and try my luck. Cheers for that!

I understand if a house sells for less than the debtor owes they still remain liable for the shortfall.

You buying at this price may well cause your Mum a lot more heartache than if she had IVAd & sold to highest bidder, or sold to highest bidder at auction.

Although I guess she still will have a home to live in.

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I understand if a house sells for less than the debtor owes they still remain liable for the shortfall.

You buying at this price may well cause your Mum a lot more heartache than if she had IVAd & sold to highest bidder, or sold to highest bidder at auction.

Although I guess she still will have a home to live in.

i thought all repossessions had to go to auction to get the best price for all the creditors?

What bank is it that has repossessed??

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How do you find out about repos that are up for sale? Could be a way in for me if the bank just wants to sell quickly to cover its losses rather than achieve 'value'.

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Not 100% sure on the law but last year We had a similar situation with a property. We had an offer but bank told us they HAD to offer it to the family of the owner who wanted to buy it back. got the definite impression they they were under some kind of legal obligation.

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  • 301 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
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      • up 5%



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