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Are there any hidden problems when buying a repossessed house rather than from a vendor?

We are looking to buy a house which is on with an estate agent. However, the house was recently repossessed and is currently under the ownership of the bank through which it was mortgaged. Are there any problems that may arise that you wouldn't normally get when buying from the vendor / owner??

Asked on Nov 9 2009, General in Staines | Report content

Answers (1)

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  • One possible problem which we had 20 years ago is that the previous owners may have defaulted on loans , bills etc and the property address may have been blacklisted. We were visted by police for over 2 years, trying to find the previous owners. We also had credit turned down due to the blacklisting - It took about 3 years to go away

    Answered on Dec 29 2009, Report content

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