Buying a flat?

[crankedup]

The flat is vacant and is a reposesion, the first offer we have now made through the selling agent and now waiting for reaction. In these circumstances is it all the same format as buying any other property.?

[Swoxy]

Yes, although the vendor may require you to complete within four weeks. In addition, they may refuse to take it off the market until exchange, as they have a duty to achieve as much as possible for it.

Edited by Swoxy on Friday 24th December 00:18

[crankedup]

Thanks for info, completion within 4 weeks is no problem but I was hoping that it would be taken off the market. Not much I can do about that I guess.

[Swoxy]

There is. Let the agent know you're serious by giving them your solicitor's and broker's details as soon as possible, get the ball rolling once the offer is agreed and keep in touch with them. They won't want to waste their time showing it to other people if they're certain you're going to go through with it, and may dissuade other people from viewing it.

[crankedup]

Cheers Swoxey.

[scotal]

If its been repo'd then the agent has to put an advert out saying that an offer has been made, and invite other interested parties to offer more.

I think the minimum period that has to be kept open is 2 weeks. Some agents put ads in the local paper, some use rightmove.

If the flat is not in a state all well and good, but if the flat has been stripped, your mortgage lender could be a headache. They will ont lend on a property that isnt habitable, so if the old owner took the kitchen and bathroom with them, you might have a problem.

[crankedup]

scotal said:

If its been repo'd then the agent has to put an advert out saying that an offer has been made, and invite other interested parties to offer more.

I think the minimum period that has to be kept open is 2 weeks. Some agents put ads in the local paper, some use rightmove.

If the flat is not in a state all well and good, but if the flat has been stripped, your mortgage lender could be a headache. They will ont lend on a property that isnt habitable, so if the old owner took the kitchen and bathroom with them, you might have a problem.

The offer went in about one week ago and the agent is waiting to hear from the vendor apparently. Difficult over the holiday period I guess. The flat itself is not to bad condition, just needs a cosmetic makeover.

[NorthernBoy]

You are completely within your rights to say that your bid is dependent on it being withdrawn from sale. This can then mean that they maximise their return by doing what you ask (as that is the difference between their having a firm bid and having nothing).

The will, in effect, likely reduce their final expected price if they don't do what you ask.

It's worth a try, anyway. I've always insisted when I put in a bid on a place.

[auditt]

I always stress access on exchange giving me one months free mortgage And always stress subject to offer being accepted the flat is withdrawn but maybe this is different for a repo

[BIST0]

If it's a repo be prepared (I assume you'll have already found out) that the electrics / water will all be off and can not be turned on to check. Oh, and the yellow tape they put all over the sinks, baths, showers and loos is a swine to get off.

If you've any nosey neighbours they will be pleased to see that your offer will be published in the local for sale papers with other offers invited. Very crude and not very British at all, what what.