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Repossessed Property

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  • Repossessed Property

    We found a property on the web, that looked right for us.

    When we called the estate agent we found out it was a repossessed property. The estate agent said that the bank would only accept a cash offer, as the previous owner had ripped out the kitchen on his departure, and no bank would lend on a property without a kitchen.

    Could you tell me if the estate agent is right in saying this?

    There is also an issue of planning permissions not having been asked for on a dormer loft conversion, and I am wondering if this is the real reason why a bank would not lend on the property? Am I right? (the conversion doesn't look much more than about a year old).

    When I informed the estate agent, that I couldn't find planning permissions (from council website), he advised that we should get indemnity insurance to protect us from costs, should the council force us to return the dormer loft conversion, but I have found out that this doesn't cover not having followed building regulations... in which case, would we be better advised to get this checked out by a builder, and then deduct from our offer what is needed to put the building regs right, or having to restore the roof to the original shape, whichever is the greater cost?

    Any advice appreciated. I have just bought a whole book on repossessed properties, but wanted to get back in touch with the Estate Agents sooner rather than later.

  • #2
    ?? Any reason why no-one's replying to these latest posts??

    Anyone got experience of buying via repossessions. The Estate agent told us a property developer put in a bid that wasn't accepted because it's below stamp duty?

    I guess we have to believe that this is the case, or could we also offer below stamp duty, just in case he's only saying this in order to make us put in a higher bid???

    The property needs a good deal of work, but was last purchased at the height of the market, so maybe the Lender has a substantial debt to recover. Or doesn't it work like this??

    Please help.
    Thanks

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    • #3
      A lot of repo's go to auctions etc because of issues in getting mortgages and therefore are cash buys only. I have the property given the once over by a surveyor as a kitchen can sometimes be the least of your worries with this type of property.
      100% Mortgage

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