What does it mean to buy a house in a corporate sale?
Asked on Apr 1 2014,
General in Manchester |
It is an euphemism for a bank repossession. Typically it also means the agent will be advertising the property until you exchange contracts with the vendor. There may be other buyer who will offer higher price AFTER you started your mortgage application, incurring valuation, legal and mortgage fees. The agent will be happy to accept a higher bid and you will either have to offer even more (and get into a bidding war - bad idea unless you don't care about wasting money) or pull out having spent hundreds of pounds already. In a nutshell, bank repossessions are often bargains, but you have to act quickly to make sure you don't lose the property to a higher bidder.
Answered on Apr 1 2014,
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