Comments on: Buying a Repossessed Property http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/ Tue, 31 Jan 2012 10:32:19 +0000 hourly 1 http://wordpress.org/?v=3.2 By: Alan http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-29563 Alan Thu, 22 Dec 2011 12:02:02 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-29563 You keep referring to the Lender when I think you mean vendor. You keep referring to the Lender when I think you mean vendor.

]]> By: Warren http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-29550 Warren Wed, 21 Dec 2011 18:11:55 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-29550 Ok I was accepted for an offer on a repo and was 2weeks in. Some one has made a slightly bigger offer on the property, I am prepared to match or beet this offer, but does that mean I must start again on my morgage application? Or can I just amend 2weeks in?? Please can some one give me some advise ASAP as they are awaiting my answer before they sumit new offer!! Ok I was accepted for an offer on a repo and was 2weeks in. Some one has made a slightly bigger offer on the property, I am prepared to match or beet this offer, but does that mean I must start again on my morgage application? Or can I just amend 2weeks in?? Please can some one give me some advise ASAP as they are awaiting my answer before they sumit new offer!!

]]> By: lynn Dawson http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-29224 lynn Dawson Thu, 01 Dec 2011 14:36:24 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-29224 Question I was trying to buy a reposession house which was put on the market 2 weeks ago today. I have been putting offers on it but they were rejected. I was told that by law the property would go in the paper today with the highest price that had been offered on it so I would then be able to see what price I am actually bidding against.I saw the price of 58,500 on find a property.com this morning. So at 6am I emailed to offer 59,000 the estate agent said the offer was rejected as contracts have exchanged how can this happen I really wanted that property near to my parents. It all sounds very clopak & dagger to me. Could you please offer any advice is there anything that can be done the creditors are AMG in Newcastle. Question I was trying to buy a reposession house which was put on the market 2 weeks ago today. I have been putting offers on it but they were rejected. I was told that by law the property would go in the paper today with the highest price that had been offered on it so I would then be able to see what price I am actually bidding against.I saw the price of 58,500 on find a property.com this morning. So at 6am I emailed to offer 59,000 the estate agent said the offer was rejected as contracts have exchanged how can this happen I really wanted that property near to my parents. It all sounds very clopak & dagger to me. Could you
please offer any advice is there anything that can be done the creditors are AMG in Newcastle.

]]> By: sereboodle http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28859 sereboodle Wed, 16 Nov 2011 15:14:36 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28859 We were due to complete on our purchase of a repossession property last friday - this was within the 28 day period. monies were transferred and we were expecting to collect the keys. We now discover, five days later - and outside of the 28 day period that the agent/bank selling the property has "lost" the file relating to the property and cannot complete because they cannot work out what is owed/the finances etc. Where does this leave us? Any advice please? We were due to complete on our purchase of a repossession property last friday – this was within the 28 day period. monies were transferred and we were expecting to collect the keys. We now discover, five days later – and outside of the 28 day period that the agent/bank selling the property has “lost” the file relating to the property and cannot complete because they cannot work out what is owed/the finances etc. Where does this leave us? Any advice please?

]]> By: london property finder http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28356 london property finder Wed, 12 Oct 2011 13:14:43 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28356 There are certain complications in purchase of repossessed property. You've shared some very useful tips. There are certain complications in purchase of repossessed property. You’ve shared some very useful tips.

]]> By: High Street Solicitor or Specialist Conveyancer? http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28333 High Street Solicitor or Specialist Conveyancer? Wed, 05 Oct 2011 09:24:31 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28333 [...] Comments Greg: First Time Buyer on Buying a Repossessed PropertyTim on Property Professionals – Open letter to Barclays Partner Financeproperty agents london [...] [...] Comments Greg: First Time Buyer on Buying a Repossessed PropertyTim on Property Professionals – Open letter to Barclays Partner Financeproperty agents london [...]

]]> By: Greg: First Time Buyer http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28330 Greg: First Time Buyer Tue, 04 Oct 2011 21:43:52 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28330 Hey guys, Me and my brother are finally getting the cash together to buy a house (we're only 23 and 24), we have been authorised by our financial advisor to go ahead and start viewing properties etc as we've been approved a mortgage up to £150,000 with a 10% deposit of £15,000. So we can afford to buy a "normal" house that isn't repo'd BUT there is one going in our area for £118,000 (advertised price), we are seriously considering this property. I am going to be contacting the estate agents in the morning to ask the nitty gritty tommorow on the phone and wrestle any loopholes hidden fee's etc without the distraction of a fake smile. What would be a good starting offer for this property? Also with all our proof of earnings etc all standing by with the financial advisor and mortgage companies ready to take us does that improve our chances? We are also going to be living there and improving the house as time goes by etc Will the bank favour this too cash investors looking to earn cash of the property? We've set ourselves a limit of £130,000 on this house as it would not be cost effective after this price. Also with the 28 day completion period - is there any way some hotshot investor can muscle in on our sale after the 7 day notice in the local paper/internet site? Sorry for all the questions but a lot of these guides are very brief and different people are saying different things and it's getting tedious trawling through the useless sites that have really no information at all!! Sorry for the questions guys just wondering if there are any experienced buyers that could lend some tips the negative and the positive are all good!!! Cheers!! Hey guys,

Me and my brother are finally getting the cash together to buy a house (we’re only 23 and 24), we have been authorised by our financial advisor to go ahead and start viewing properties etc as we’ve been approved a mortgage up to £150,000 with a 10% deposit of £15,000. So we can afford to buy a “normal” house that isn’t repo’d BUT there is one going in our area for £118,000 (advertised price), we are seriously considering this property. I am going to be contacting the estate agents in the morning to ask the nitty gritty tommorow on the phone and wrestle any loopholes hidden fee’s etc without the distraction of a fake smile. What would be a good starting offer for this property? Also with all our proof of earnings etc all standing by with the financial advisor and mortgage companies ready to take us does that improve our chances? We are also going to be living there and improving the house as time goes by etc Will the bank favour this too cash investors looking to earn cash of the property? We’ve set ourselves a limit of £130,000 on this house as it would not be cost effective after this price. Also with the 28 day completion period – is there any way some hotshot investor can muscle in on our sale after the 7 day notice in the local paper/internet site? Sorry for all the questions but a lot of these guides are very brief and different people are saying different things and it’s getting tedious trawling through the useless sites that have really no information at all!! Sorry for the questions guys just wondering if there are any experienced buyers that could lend some tips the negative and the positive are all good!!! Cheers!!

]]> By: Caroline http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28295 Caroline Wed, 28 Sep 2011 15:34:17 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28295 whoops - sorry - just realised you are a uk based company. I found you on google search - I did include 'costa blanca' in my search. So, I guess I won't be getting a reply. But nice blog anyway - I wish I could find something similar here in Spain!. whoops – sorry – just realised you are a uk based company. I found you on google search – I did include ‘costa blanca’ in my search. So, I guess I won’t be getting a reply. But nice blog anyway – I wish I could find something similar here in Spain!.

]]> By: Caroline http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28294 Caroline Wed, 28 Sep 2011 15:31:24 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28294 We bought a repossessed bar /restaurant so no previous info available. It has a licence. It also had obvious working electricity and water. However when we investigated to have the power turned on it appears that there are no meters for water or electricity. The mains water was installed to the building after the repossession (it ran off a water deposit previously)so it requires connection (€900 for meter + plumbing installation costs). The electricity meter had been removed so we now have to pay for a new installation which involves digging up the road. Costs so far for this excluding full interior rewiring are currently estimated at a minimum of €4000. We feel hard done by here and wonder if the bank have some form of legal obligation to inform us that these basic utilities were not available to us. We are with CAM bank. We have been treated very shabbily by them right down to them not providing keys when we signed. We had to wait 3-4 days when they were next in town to deliver it or drive to their offices an hours distance to pick up 1 key (there are 8 doors in this property) and we had to have all new locks at another expense of €600. They insist that you take out mortgage protection with them, and the quote they provided was double anybody else's. We are fighting this with them at the moment. They do not give 100% mortgages despite what they say on their boards - certainly for commercial properties. We bought a repossessed bar /restaurant so no previous info available. It has a licence. It also had obvious working electricity and water. However when we investigated to have the power turned on it appears that there are no meters for water or electricity. The mains water was installed to the building after the repossession (it ran off a water deposit previously)so it requires connection (€900 for meter + plumbing installation costs). The electricity meter had been removed so we now have to pay for a new installation which involves digging up the road. Costs so far for this excluding full interior rewiring are currently estimated at a minimum of €4000. We feel hard done by here and wonder if the bank have some form of legal obligation to inform us that these basic utilities were not available to us. We are with CAM bank. We have been treated very shabbily by them right down to them not providing keys when we signed. We had to wait 3-4 days when they were next in town to deliver it or drive to their offices an hours distance to pick up 1 key (there are 8 doors in this property) and we had to have all new locks at another expense of €600. They insist that you take out mortgage protection with them, and the quote they provided was double anybody else’s. We are fighting this with them at the moment. They do not give 100% mortgages despite what they say on their boards – certainly for commercial properties.

]]> By: melly http://www.hip-consultant.co.uk/blog/buying-repossessed-properties-123/comment-page-1/#comment-28123 melly Sat, 03 Sep 2011 19:50:50 +0000 http://www.hip-consultant.co.uk/blog/?p=2290#comment-28123 If I am a cash buyer and want to make an offer on a repo property which already has an offer on it. If my offer is lower than the current offer but I am cashed up and ready to go and can close with in 4 to 6 weeks will this be more favourable than the current offer which requires a mortgage. If I am a cash buyer and want to make an offer on a repo property which already has an offer on it. If my offer is lower than the current offer but I am cashed up and ready to go and can close with in 4 to 6 weeks will this be more favourable than the current offer which requires a mortgage.

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