This has happened to us a couple of times. One time, we'd had a survey done & done all the legals. A Housing Association then came in with a stupid figure right at the last minute - way above the asking price & they got it. Cost me about a grand the dirty mofos.

We purchased a repo over 3 years ago now. Very lucky in what we got as the guy had just walked out, leaving the keys.

The House was in good order, but had been left empty for quite a while. The first thing that happens is that the repo company drain down all the water systems. So as another poster has said, lack of water = smelly house. We used 29 litres of bleech on the first day cleaning the bathrooms !

You will make 'some' discoveries too, at the time, we couldn't get into the garage due to all rubbish that had been left outside - after getting the keys and cleaning up we got in, to discover the place had been fitted out as a bar ! The loft had been boarded and again we had piles of stuff to wade through, including the last owners cross dressing gear !

The worst thing for us has been debt recoverey though. The same debts are chased every 6 months by a different set of compaines ( I'm guess they are selling them on too each other). We initially tried to send the letters back unopened as not known at this address, but in the end we took to calling the companies and speaking to them directly to get the address off the mailing list. We have also had bailifs ... ots of bailifs, I dont care, but a few have been quite pushy when the Mrs is at home and not believing that the house has new owners. Classic for us was the Halifax chasing a 300K mortgage with the sugestion that if only 6K was paid then they would arragne new terms....

It's been an interesting time tho, and we do love our house as it enabled us to buy a lot bigger than we could have expected.

If you need a mortgage it can be a nightmare buying a repossession...

It has to appear in the paper again at the price you have offered... and unless your price is bang on, you get outbid, that's after you have paid out on solicitors, searches ect...

best left to cash buyers who can move very quick...

I bought a Repo in Feb.

We offered 5K under asking, went to see the agent. Showed him My statements with the deposit, told him I needed 50% mortgage and that I could complete within 28 days. Basicly be totaly honest with them. They NEED to get a quick sale, they also have to put forward every offer to the seller. So get that agent on your side, keep them updated at every single stage, let them know your on top of it, getting the mortgage, soliciters, valuations done. I did this and it worked when someone offered 5k more. My agent told the seller I could complete in 5 days and advised them not to take the higher offer. If I was being vacant/flaky this would have cost me at least a grand.

Dont under estimate the work it will need. You sound like I did when you say you will have a bathroom and kitchen in within a week. You wont. The first week you'll probably spend trying to get electric/gas/water connected and cleaning rubbish and old carpets out. I finished mine in 4 months. I had the whole house re plastered, new kitchen, bathroom, rewire, floors throughout, tiles, skirtings. I couldn't have done it any quicker. Working your day job then working untill 10 or 11 every night isn't fun after the first 2 weeks. Just be realistic. The benefits is your not paying for anyones taste. Get the house cheap and do everything the way YOU want it. I'd definitely do it again. Probably saved myself £40k

Thanks for the advice Rufus - much appreciated and good to get a realistic view of what it might take

Flirting and being a downright man slag with the ladies in the estate agents in your preferred areas of property often helps

I've bought at auction. Exchange occurs on the hammer fall. You need to pay 10% there and then, complete in 4 weeks.

Very quick process so have everything sorted prior

Yes interior viewings are done prior to the auction day so access isn't a problem. Difficult to organise mortgage finance on auction purchases though, it can be done but not easy, the time scale can be a problem as auction catalogues normally only come out approx 2 -3 weeks before auction day.
The legal pack is usually posted online about 2 weeks or so before the actual auction or it can be read on the day.
Some regular auctions that we use are www.pugh-auctions.com or www.allsop.co.uk

Which is why auctions are the best option for repossessions - 28 day completion, exchange on the day of auction = no messing around. Simples!