Total Pageviews

Thursday 28 May 2009

Buying a Repossession House. ( Second House )

This process is defiantly not for the fainthearted be warned !!

We picked up on a property 37 Wolseley Road Rugeley at 189k. we were unaware at at first that the house was a repossession.

We went to connells in Lichfield to show our interest in the house in the next day. At this point in connells we were told the house was a repossession and that the house would probably go for about 120k as the 189k was low.

we made an offer of the asking price of 189k before we had viewed the house based on the fact it was under priced.

Now this is were the fun starts,

We had arranged a viewing of the house for Saturday morning.
It was a block viewing with about 15 people on the site. ( we were not told it was going to be a block Viewing )

We had another Meeting with connells estate agents to review our purchasing position and mortgage setup etc.

We were put under a lot of pressure to use Connells Solicitor and Mortgage arrangement.

I lost count of the amount of times we were told that we could be at a disadvantage if connells did not have full control of all aspects of this purchase and may not recommend us over another party if it come to a like for like offer.

This made a stressful process even more stressful, as the last thing you want to do is place yourself at a possible disadvantage even if it is real or not. You have to remember you are 100% in the hands of the estate agent and they want to get as much for the property as poss.

No comments: