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Buying a repossesion, how does it work?

I am interested in buying a repossesion, but another guy has bid more than us, they are in the process of having it valued by the agent. His offer has not been excepted or declined yet, we haven't sold our house yet, just waiting on an offer, any advice please?

Asked on Sep 16 2010, General in Salisbury | Report content

Answers (3)

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  • They will not accept your offer until you are in a position to proceed, most will then want to exchange contracts with 28 days. The property will have to stay on the market as available until contracts are exchanged. You are can submit an offer at anytime and the agent has to put it forward, however in my experience if the other guy is in a strong buying position and moves quickly they tend to stick with the buyer.

    Answered on Sep 16 2010, Report content
  • The property will have to be advertised before any offer can be accepted, the building society has to get the best price, but also a swift sale as the debt is rising, get yourself sold and put in your best bid.

    Answered on Sep 16 2010, Report content
  • I'm afraid the other answers are correct. Generally you will need to be proceedable and generally be able to complete the transaction in around 28 days. When you have a buyer you can still offer even if the property is 'under offer' and the agent will have to submit it to the building society or assest manager involved.

    Answered on Sep 16 2010, Report content

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