house repossession question?

[muppetboy]

So you hear about a place that's going to possibly get repossessed.... Sounds like it almost a deliberate thing happening, partnership split up person in control of the house just isn't paying the bills...


How would you go about trying to buy the place without coming across as a heartless bugger.

If it gets repossessed how could you find out when and how it's being sold on.


Anyone any ideas?

[cpas]

Estate agents usually have builder 'friends' who get first pickings. If you can find out who their mortgage lender is, they might be worth contacting.

[Vron]

muppetboy said:

So you hear about a place that's going to possibly get repossessed.... Sounds like it almost a deliberate thing happening, partnership split up person in control of the house just isn't paying the bills...


How would you go about trying to buy the place without coming across as a heartless bugger.

If it gets repossessed how could you find out when and how it's being sold on.


Anyone any ideas?

If there's less equity then the outstanding mortgage the 'owners' can't sell it without the banks permission but if you offer a decent price they (bank)may accept. In my experience over the last 12 months the corporate departments just sit in their ivory towers waiting for the best price, they are not interested in a quick sale.

Usually they are advertised through normal channels. Look out for 'do not use' tape on the photos over the taps etc. The accepted price has to be advertised in 3 places (the one I bought was in the EA window, local paper and on rightmove) for 7 days before they will allow you to exchange contracts. You can get outbid up until exchange, the repo company will not care how far down the buying process you are if they get a higher offer.

[muppetboy]

That's interesting. I've Noticed on rightmove that some estate agents are publishing offers that have been accepted on places with a date that if you wanted to make a higher offer you'd need to do it by. Is this because tha property is a repossession sale?

[jamescodriver]

Basic policy that any repo company has to follow is to be seen to get the best possible price.

almost always the properties will be marketed with 2 agents to avoid the friend of a friend syndrome, they have to run a public notice and a lot are moving away from press notices to portal notices (rightmove being the main).

Once you see the property advertised make your offer,(they will want your best offer obviously and are not fussed on dealing with people making small increases). Provide the agent with proof of funds, AIP and deposit, solicitors and IFA details when you put your offer in. Tell your solicitor that you are buying a repo and get them to earn their fee by pushing the sale through asap.

Once the public notice is up, chase your solicitor to get contract in and signed and searches through, dont rely on the Agent as the repo companies do sales progression in house, but keep the agent informed. if they think you are pushing to exchange they will put the timewasters off for you...

[oldbanger]

muppetboy said:

That's interesting. I've Noticed on rightmove that some estate agents are publishing offers that have been accepted on places with a date that if you wanted to make a higher offer you'd need to do it by. Is this because tha property is a repossession sale?

Or death estate

[scenario8]

cpas said:

Estate agents usually have builder 'friends' who get first pickings. If you can find out who their mortgage lender is, they might be worth contacting.

Hands up, I work in Estate Agency. (In my defence I'm not an estate agent).

It is interesting you write this because EVERYBODY "knows" this is true. Yet, in a decade I can honestly tell you I've never known a single case. Maybe I've been unlucky, or just inobservant, who knows. I'm sure it might happen, it possibly does happen. I've never known of it. Or suspected it. There are too many agecies, professionals, institutions and individuas involved for it to happen anywhere near as often as EVERYBODY "knows".

Truth is, I am aware that agents are more likely than others to get a heads up on likely offerings to the market, and for understandable reasons many will have relationships with developers/investors that could lead to swift sales (I'm talking broadly across the market, not just in repos) to the benefit of the seller. I'm also sure there are dodgy agents out there who will abuse their position and likely will steer sellers towards specific buyers, and exclude other potential buyers for the "wrong" reasons (there are frequently "good" and legitimate reasons to do so). No doubt there are also plenty of dodgy solicitors out there, too. And dodgy car salesmen, and dodgy electricians, dodgy accountants...you get the picture.

I probably just mix in the right circles.

[Wings]

Do an online Land Registry search on the property, then from the Office Copy at the LR, see if there are Charges/Mortgage against the property, then make your interests known to the provider of the loan/mortgage.