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Have you bought a reposession?

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  • Have you bought a reposession?

    Hi,

    I just bought a repossesed flat. The price was just about affordable for me but not really below the market level. I actually offered the full asking price as the EA said that's the only way to secure the property.

    All seems to be going well till I received the survey report. It says the property needs repair, especially the windows and doors. (there is a large glass door to the balcony, replacing it might be costly).

    Have you had similar experience before? Would it be wise to renegotiate the price with the seller/bank? Maybe only a few hundred pounds to cover the repair?

    I found buying re-possession quite daunting. It seems a one-way contract - the bank imposes a deadline for completion, while providing so little information and guarantee.

    Thanks for your help.

    Jane

  • #2
    Re: Have you bought a reposession?

    I'm sure you've already done your research so I'm probably only going to tell you what you already know. Anyway... the people selling the repossessed property i.e. the bank have a legal duty to try and get as much possible for the property and so will still accept other higher offers right up until the moment the contracts are exchanged. So it's always a nerve wracking time buying one. Offering the full asking price does not guarantee that you will get the property as they are usually well priced and so sometimes people will offer above the asking price to get the property. I can't say from experience as I've never bought a repossession but I can't see how negotiating the price from the info on your survey can put you in a worse position. You aren't guaranteed the property no matter what so there's nothing you can lose. I would just treat it like any other property and renegotiate based on what the survey says.

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