Mar
13
Buying a repossession house?
By
Ive but a bid in for a repo house with an estate agents in the UK. Ive offered £8K less than what it is on the market for but the house need a bit of work (nothing serious). There is also a electric card meter with -£500 on it which I have offered to pay and all the water, gas and elec has been off.
The boiler has been turned off for while and may need servicing. And ill need to get the gas electric and water reconnected
Is there anything I should know?
Am I missing something?
Real Estate Professionals
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3 Comments
March 16th, 2010 at 12:45 pm
Sounds like you have it all covered. The only other thing I can think of is that you may get visits from debt collectors when you have moved in.
Good luck – hope you get it!!
March 20th, 2010 at 12:02 am
Be sure to have the house inspected by a professional. Be sure that it is structurally sound, that it doesn’t have wood rot, leaking roof, that the electrical and the plumbing is all up to date and up to code (works and is safe)… A house isn’t always what it seems until you move into it and find out you have been jipped.
Good luck.. Be sure to have the house inspected.
March 20th, 2010 at 1:34 am
You sound as if you have common sense and know what you’re doing. However, make sure your offer is conditional upon a structural survey showing up no serious and expensive to put right defects. Geting gas and water reconnected is normal for any house move because it has to be put into your name – likewise electricity. I don’t feel you should have to settle previous electricity deficit bill because that was in the name of previous owners and it is electric company’s responsibility to get back that money. Anyhow, I should imagine you will take out card meter which is expensive and get normal billing meter. Yes, you might be inundated with calls from creditors for previous owners and mail, but just return mail with “addressee moved, address unknown”, change the phone number if there was a number at the house, and if you get any unwelcome callers, you tell them the same. Even in normal circumstances, it can take a couple of years before the mail and calls for previous owners stops. Best of luck.