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To buy Repossession property

What's the advice and attention to buy a repossession property

Asked on Mar 28 2014, House Prices in Nottingham | Report content

Answers (1)

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  • There is a misconception that Repossession properties are "bargains". The banks in ownership of these properties have an obligation to achieve the best price possible, and will also want to claw back as much money as possible. I would advise having a homebuyer's survey which will provide a detailed report on the condition of the property and any works which need to be carried out. Also, be wary of the fact that once an offer has been accepted on a repossession, the agent is instructed to publish the full offer on the internet and in the local press which means other interested parties can see exactly what you have offered and can (at any time up to the point of contracts exchanging) put forward a higher offer. This may lead to gazumping which is no fault of the agent, it is how they are instructed to act by the client.

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    Answered on Aug 21 2014, Report content

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