Editor's Blog1 min ago
purchasing a reposesed property
Can anyone tell me if this is right? My son and his girlfriend have put an offer on a reposesed house there offer is the highest at the moment so all looks good, they are just waiting to hear if the offer has been excepted, if it is then they have said it goes into the local paper with their offer which as been excepted for others to see and then they have to wait and see if anyone else puts in a higher offer from then, does that make sence, if it does is this right?
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For more on marking an answer as the "Best Answer", please visit our FAQ.this is to stop unscupulous lenders selling the property on the cheap just to get their money back with little regard to the mortgagee. The law was changed last time reposessions where common in the early 90's. Standard Practice as ethel says. Gazumping/Gazundering whilst morally questionalble are not illegal.
Really upsets me that other people benefit so much from other people's misfortunes and seriously hope that more can be done to help people stay in their homes instead of being repossessed. I have acquaintances who have made a fortune by buying repossessed houses in times of recession.
People who buy repossessed houses should have to buy at the true market value.
People who buy repossessed houses should have to buy at the true market value.
It's very common as my tends buy a fair amount of repossessed properties.
As Ethel said, the bank are under an obligation to get the highest price possible and there is also sometimes opportunity for the people who were repossessed to pay back arrears as well as I've had matters go off last minute without warning when this has been done.
As Ethel said, the bank are under an obligation to get the highest price possible and there is also sometimes opportunity for the people who were repossessed to pay back arrears as well as I've had matters go off last minute without warning when this has been done.
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