Buying Repossessed House

[firsthouse]

Hi Guys,

I was wondering has anybody got any experience with buying a repossessed house. Would this effect time scale of deal going through.

Currently my position is Sale Agreed on a property, Valuation done by my bank and i had a surveyor in and all is fine with the property.

I have my solicitor in place and was advised that the seller had his in place also by the auctioneer (who comes across as a very sneaky individual).

I am now after finding out that the person i am buying from has several properties and are all repossessed by his bank and all to be sold.

Will this prolong the transitional period of doing searches and drawing contracts from both solicitors or should it be straight forward and I am just being cautious over small things? Also can anybody advise on a timeframe i can expect to go by until deal is completed?

The auctioneer advised that it will not be done by end of Sept as the seller/solicitor "takes time" with there proceedings/dealings on there side.

Any advice is appreciated greatly.

Thanks
Firsthouse

 

[LDFerguson]

If you are buying a repossessed house, are you not buying it off the bank that repossessed it? Surely the individual who previously owned the property is of no relevance now.

 

[Time]

It is probably not a repossessed house but rather the owner selling with the consent of the bank.

 

[Bronte]

The auctioneer advised that it will not be done by end of Sept as the seller/solicitor "takes time" with there proceedings/dealings on there side.

Nobody can give you a timeline, in your case it looks messier because it is not at all clear who is selling, or if they do indeed have permission to sell. So be prepared to wait, especially if you are getting a good deal and it's your dream home. Have contracts been signed?

 

[benji2006]

Get your solicitor to do a "closing search" early on to show up any judgement mortgages against the property - if it is a repossession type scenario, it is quite likely that there may be other debts associated with the property. You will need to do it again at closing in case any judgements have been made in the meantime, but it is worth the extra 70 euro or so to do it twice and find out early if there will be problems - don't rely on the vendor to disclose such issues.