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What will I loose if I offer on a repossession and it falls through?

If I offer on a repossession and another buyer offers more before I exchange will I only loose the money on the survey or also solicitors fees? Also how long before exchange of contract do agents have to make public offers -e.g. is the day before enough? I am trying to work out if it is worth the risk!!

Asked on Jan 12 2010, General in Newcastle upon Tyne | Report content

Answers (1)

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  • Each Bank & B.Soc will have their own rules which the agent will have to follow. The most common repo requirement for an offer is:------- When an offer is received which the Bank/BSoc will accept, the agent will be required to place a 7 day notice on the web and in a local rag to advise people an offer has been made and advise people they have 7 days to make a better bid..! (The 7 days starts from when the advert is placed in the paper not the web) During this 7 days do not spend any money!! This is placed in as soon as the Bnk/B.Soc accept the amount and the sale is not allowed to progress until it is in. After this if no-one else offers you are usually given a strict 28 Days to complete the deal and I mean STRICT! But before you spend, ask the agent for some confirmation on if the Bank/B.soc will give you an un-interrupted 28 days to buy! If they say no and tell you offers up to exchange may be accepted then you have a bigger gamble. The costs you may lose are survey fees and solicitors costs. Most Solicitors will charge for an aborted purchase, some may not on the hope you use them again, ask before the work for you! Remember someone will be acting as a middle man between the Estate Agent and Bank/B.Soc and they will be under HUGE PRESSURE, timescales and money! So be sure to tell you solicitor it is a repo you are buying and there is a time limit set and make sure your bank are aware as the mortgage paperwork if required can be the slowdown! You will simply need to pay all of your attention to chasing the right people! The agent you are buying from should be able to help you though! Good luck..Richard at Andrew Snapes.

    Answered on Jan 12 2010, Report content

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