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A repossession property

What's a Repossession? What is the process to buy a Repossession property? Is it any special arrangement in Mortgage or Solicitor? Is it worth to buy a Repossession property? What attention should I do to buy a Repossession propert ?

Asked on Sep 28 2010, General in Cardiff | Report content

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  • A repossession is when someone falls behind with there mortgage payments and the bank seizes the house to sell to recoup their money. The process is the same as buying any property although it will stay on the market unit contracts are exchanged. Normally you must be able to exchange contracts within 28 days of your offer being accepted. It is worth buying one if the price is right.

    Answered on Sep 29 2010, Report content
  • Mark is right a repossession is a house being sold by a bank or building society where the previous owner has defaulted or not met the mortgage commitment between themselves and the bank. The bank therefore sells the property to recoup the loan. The process does not change for your or solicitor but often the bank will insist the transaction takes around 28 days to exchange. When buying repossessions be careful of the condition and whether your bank are happy to lend on it, in many cases for obvious reasons previous owners are not happy in leaving and will strip the house or indeed destroy fixtures and fittings.

    Answered on Sep 29 2010, Report content
  • I see you're in Hong Kong and may not have the opportunity to see the property yourself or obtain builders estimates to bring it into rerpair before commiting to purchase it. You are recommended to obtain a survey from a Chartered Surveyor, link below refers.

    Web reference:

    Answered on Oct 2 2010, Report content

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