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Author Repossessions - What to look out for?
corsaaa_16v
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Registered: 8th Feb 06
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18th Jan 11 at 18:16   View User's Profile U2U Member Reply With Quote

We are in the process of making an offer on a property we viewed at the weekend which we now understand is a repossession (would explain the very VERY low price it is on the market for)

Is there any difference in the period between the acceptance of the offer and the handing over of the keys when buying a repossession as opposed to buying normally?

Also, we noticed the electricity and water appear to have been shut off/disconnected. What process is involved with re-activating them, how much is it likely to cost and I assume we would foot any potential bill?

Other than that, just any useful advice on repossessions would be greatly appreciated, we are first time buyers so new to all of this
Simon
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Registered: 24th Apr 03
Location: Oxfordshire
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18th Jan 11 at 18:19   View User's Profile U2U Member Reply With Quote

I'd look out for ex-owners returning with molotovs
corsaaa_16v
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Registered: 8th Feb 06
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18th Jan 11 at 18:27   View User's Profile U2U Member Reply With Quote

Its not that type of owner to be honest, used be owned by an elderly chap
Ben G
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Registered: 12th Jan 07
Location: Essex
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18th Jan 11 at 18:37   View User's Profile U2U Member Reply With Quote

we have been looking at repo's also and the estate agent guy said once you make an accepted offer on the property, you have 28 days to exchange contracts.

anyone can obviously gazump you in this time and they will usually keep it on the market as for sale until exchange.

with regards to heating/water, i think you just phone the company up. wouldn't think they've been disconnected as both repo's we looked at had tape saying ''DO NOT USE'' on.

risk = reward though.
jrsteeve
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Registered: 3rd Apr 02
Location: Manchester
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18th Jan 11 at 23:50   View User's Profile U2U Member Reply With Quote

The electric is usually just off at the fuse box, the water at the stop cock. It's rare for it to have been disconnected by the supplier unless it's been empty for years.

The agents have to keep it on the market even thought it's had an offer accepted, although 99% won't book any viewings on it once it's sold as the commission is pretty low on them anyway so not worth the hassle.

28 day exchange is the norm and perfectly possible, just keep chasing your solicitor and make sure your mortgage valuation is booked and paid for pronto!
AndyKent
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Registered: 3rd Sep 05
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18th Jan 11 at 23:53   View User's Profile U2U Member Reply With Quote

With our properties we would drain down the heating system to prevent any pipe bursts in winter. We wouldn't bother turning the electric off. Water gets stopped at the stopcock as mentioned.

Only thing you'd need a tradesmen for is the heating system to be filled back up.
cunningham
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Registered: 25th May 05
Location: Lochore, Fife
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19th Jan 11 at 06:56   View User's Profile U2U Member Reply With Quote

Repossessions are great buys my sister got one for 25k later sold for 85k nice profit for 10 years of living in it
Rob_Quads
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Registered: 29th Mar 01
Location: southampton
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19th Jan 11 at 13:36   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by cunningham
Repossessions are great buys my sister got one for 25k later sold for 85k nice profit for 10 years of living in it


If thats in the current market thats nothing special on a 10 year return. Prices in some areas have gone up 4/5 fold.

You have to be careful about what type of repossession. If its a bad one you might find the electrics completely screwed, pipes screwed under floor boards etc. Or you get a nice one. You will probably need to get it properly checked out by an electrician as there is no guarantee that its all 100% safe (thus why they turn the electrics off)
Ben G
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Registered: 12th Jan 07
Location: Essex
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19th Jan 11 at 16:40   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by cunningham
Repossessions are great buys my sister got one for 25k later sold for 85k nice profit for 10 years of living in it


thats a bit shit considering the 10 year time span. suppose it depends on location though.

my dad paid 75k for his house 13 years ago, it's now worth 360k+ he's laughing all the way to the bank.
John
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Registered: 30th Jun 03
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19th Jan 11 at 16:42   View User's Profile U2U Member Reply With Quote

Not really unless downsizing.
Ben G
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Registered: 12th Jan 07
Location: Essex
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19th Jan 11 at 16:45   View User's Profile U2U Member Reply With Quote

which he will be. no need to have a 5 bed house for 2 people. too much to clean.
corsaaa_16v
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Registered: 8th Feb 06
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19th Jan 11 at 17:55   View User's Profile U2U Member Reply With Quote

The house is on the market at 125,000 and has been valued at 162,000

Someone made an offer below our first offer of 115,000 and both were rejected

We have provisionally agreed 120,000 subject to proof of our deposit

I work for a firm of solicitors so should get it pushed through quickly

Hate all this waiting now tho, fingers crossed
Carl
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Registered: 9th May 04
Location: Jimmy Bennett's la la land.
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19th Jan 11 at 18:44   View User's Profile U2U Member Reply With Quote

I bought a repo, you'll shit it to the day you get the keys! If you get it that generally you've got a bargain so it is the risk you take really. Also it isn't generally the solicitors that slow it down its the mortgage side/banks, they can be shockingly slow, we had our mortgage broker and the solicitor pestering them along with me and the missus, it has to be done to get them on with it!

water/gas and electric are a piece of piss to sort, only thing is you can't check central heating systems etc before you buy it so be prepared for the worst then anything else is a pleasant surprise.
corsaaa_16v
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Registered: 8th Feb 06
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19th Jan 11 at 18:50   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Carl
I bought a repo, you'll shit it to the day you get the keys! If you get it that generally you've got a bargain so it is the risk you take really. Also it isn't generally the solicitors that slow it down its the mortgage side/banks, they can be shockingly slow, we had our mortgage broker and the solicitor pestering them along with me and the missus, it has to be done to get them on with it!

water/gas and electric are a piece of piss to sort, only thing is you can't check central heating systems etc before you buy it so be prepared for the worst then anything else is a pleasant surprise.


Cheers mate

Its hard work not to get excited about it and Ive already started planning what we want to do to it which is setting me up for a great fall if it falls through but I cant help it

I will save putting the details and pictures up until the keys are in my hand so I dont tempt fate
Laura
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Registered: 6th Oct 04
Location: Leven, Fife
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20th Jan 11 at 07:24   View User's Profile U2U Member Reply With Quote

We bought a repo back in January 2009.

As we both worked full time, and did all the work ourselves, we had no lives for 5 months. Your nights and weekends will be gone.

Our place had been empty for over a year, still with mouldy sausages in the oven


http://www.corsasport.co.uk/board/viewthread.php?tid=478331


One way to get a bit of a clue about the heating, is to check the stickers on it for installation, ours was only 2005 so not that old. And luckily it all worked.

Our prepayment meters were over 500 in debt and cut off - Scottish Power were fucking fuds trying to get it back on.

Changed to dry meters as I'd feel like a pikey getting a tenner on the electric - most places wanted a 250 returnable deposit after a year, but NPower changed for free!!

We paid 55,000 almost exactly 2 years ago now, spent about 10 - 12,000 doing it up (garden was a whack that though)

The house 2 doors along is up for sale currently at offers over 73,000, but doesn't have as much land, and needs updating. We have new kitchen, new bathroom and brand new back garden etc.

http://www.rightmove.co.uk/property-for-sale/property-27513787.html

We bought ours as first home though, and not as a business venture.

Fingers crossed you get it - as even if you don't make a profit it will be an experience you'll never forget

[Edited on 20-01-2011 by Laura]

[Edited on 20-01-2011 by Laura]
corsaaa_16v
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Registered: 8th Feb 06
User status: Offline
20th Jan 11 at 08:17   View User's Profile U2U Member Reply With Quote

quote:
Originally posted by Laura

As we both worked full time, and did all the work ourselves, we had no lives for 5 months. Your nights and weekends will be gone.

[Edited on 20-01-2011 by Laura]


I expect that to probably be the case but I will love spending time and money on the house (if and when we have it)


quote:
Originally posted by Laura

We bought ours as first home though, and not as a business venture.

Fingers crossed you get it - as even if you don't make a profit it will be an experience you'll never forget

[Edited on 20-01-2011 by Laura]

[Edited on 20-01-2011 by Laura]


That is the thinking behind ours, we love the property and the price makes it to good to turn down. If we make money on it then so be it, we just want a house that we will enjoy living in and enjoy spending money on to make it look how we want it

If this house goes to someone else, then it wasnt meant to be and we will move on to the next one

[Edited on 20-01-2011 by corsaaa_16v]

 
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