buying a repossessed house

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keegan1

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Hi. Im looking for some advice. I bought a house 6 months ago(put deposit down). The contracts are with my solicitor for some time(not signed yet). The developer\builder was having some financial problems. I was told by them that there was problems with the bank. I was told last week that it was sorted and it was full steam ahead. Ive now just been told that they may have to give the houses back to the bank(7 houses in all). Ive been told that ill get a call back with an update, but i know ill have to chase this up again. Does this sound like a case of repossession by the bank. If so can we still buy direct from the bank. Would it be that straight forward(theres very little building work left to the house that I bought). I really like the house and really want to buy it. Thanks
 
Actually, you have not bought a house.

You've seen a house you would like to buy but your vendor is now in trouble and he cannot deal with you without sorting himself out with his bank.

You may or may not be able to buy the house. It depends on how your builder gets on with his bank. It may well be that it would suit everyone that you would buy the house. It may not. There could be issues involved wth planning/tax and the like that will render the property unsaleable.

All you can do is make it clear that you are keen to buy the property and then be guided by your solicitor and your own bank as to whether this is feasible.

mf
 
I would try and find out who the bank is and try to get talking to the person in the bank dealing with the builder. You never know you might be able to buy the house off the bank for a better price. Just dont seem too eager and be prepared to wait a bit longer.
 
thanks. trying to find out who the bank is from the builder will be like trying to get blood from a stone. i just spoke with my solicitor who also said that if i do deal with the bank to make sure that i am not too eager. The whole situation might work out to my advantage but at the moment the chances of me owning this house seem like a long shot
 
i am in a similar situation. i dont know how to find out which bank is dealing with the house and i know the ex-EA wouldnt be any help and im just not sure whether to approach the builder or not! like you i love this house and want to give it my best shot! im letting my heart get in the way of my head though!
 
You could try using solocheck or the likes to get copies of the builders accounts.
 
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