Repossesed home

[fullbeem]

Are there any possible problems with buying a home that has been repossesed as a first time buyer.

[siscar]

Not really, you are buying it as it is with no ability to find anything out from the previous owner. That can be a bit of a pain but it's minor. Otherwise it doesn't make a great deal of difference.

[robsartain]

Never had it happen to me personally so it might be a bit of a bloke down pub type story but maybe someone on hear can back it up.

I heard it is quite common that on Repos the previous owners will put holes in pipes, etc... so when you take ownership and then turn on the water, the next thing you know is that the ceiling above the bathroom is coming down.

I have also heard stories of people buying repos and then the scrot that use to own it coming round and puting a brick through the window, etc...

Shows the mentality of these tts. However I think these cases are few and far between.

[robsartain]

Never had it happen to me personally so it might be a bit of a bloke down pub type story but maybe someone on hear can back it up.

I heard it is quite common that on Repos the previous owners will put holes in pipes, etc... so when you take ownership and then turn on the water, the next thing you know is that the ceiling above the bathroom is coming down.

I have also heard stories of people buying repos and then the scrot that use to own it coming round and puting a brick through the window, etc...

Shows the mentality of these tts. However I think these cases are few and far between.

[Wings]

Over the years I have purchased a number of repossessed properties at auction, never had any problems, although immediately upon completion of sale, change locks on main entrance doors.

[Vron]

fullbeem said:

Are there any possible problems with buying a home that has been repossesed as a first time buyer.

Be aware that you can get outbid until exchange and the price accepted (should but isn't always) will be advertised in the local paper to give others a chance to beat it. But if you are FTB with mortgage in place you should be able to complete quickly.

[scotal]

What sort of state is the property in?

If the former owners simply upped and left, then its no problem, however if they took the kitchen and bathroom with them, you could have problems with mortgagability. (This will of course be impacted by your LTV, which, being an FTB I'm assuming is high?)

We have also seen a weird thing with one major lender who got very funny about mortgaging a place they had repossessed. Everything was above board, but they were not hugely interested in being both the vendor of the property, and the lender to the new purchaser. So pick your lender carefully.

[scotal]

Vron said:

Be aware that you can get outbid until exchange and the price accepted (should but isn't always) will be advertised in the local paper to give others a chance to beat it. But if you are FTB with mortgage in place you should be able to complete quickly.

An increasing number of agents are advertising offers on rightmove. Arguably this has a wider spread than alot of papers so could alert potential buyers to a property they didn't know was being marketed, and also give them details of the price they need to bid over.