Nov
08
Property/legal advice on buying a house that’s about to go into repossession?
By
Looking for a bit of advice as bank holiday weekend and cant contact anyone until tuesday. I have recently heard of a flat that is about to be repossessed any day now. Its my friend’s neighbour and she is still in contact with her. I was wondering if there is anyway i can buy the house before it gets repossessed, would suit me much better and stop the owner being black listed.
i also have a mortgage at the moment, would i need to sell that and have the money in before i could make an offer? And am i allowed to take my same mortgage deal with me?
I am really desparate for this flat but dont want to get my hopes up incase its just not possible. Im from Scotland if that makes any difference regarding laws.
Would be really grateful if anyone has any experience of this.
Thanks in advance
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1 Comments
November 8th, 2009 at 10:36 pm
Its not going to happen unless you can find an instant buyer for your property and get the money and sort another mortgage out for yourself.
Dont forget there is a shortage of credit and the building society will be going through the courts. Mortgages are not transferable to other properties, after buying a repo myself it was far similar than dealing with a vendor anyway.
You will have to bid on the other property at auction or sealed bids. A bridging loan is very expensive, so why waste your time, its hard to sell property at the moment so you would face loosing everything if you could not keep up the payments on a bridging loan and your old mortgage.
Vendors wont accept offers unless you can prove your in a position to proceed with the sale and your not.