I’m looking to buy a Bank Repo home in California. What are some pitfalls to avoid? I’m particularly interested in learning whether the 2nd mortgage has any claim, or does it get washed off automatically? if so how can I confirm that is true with my case?
I want to trade up and will put a 5% down on the repo home, but they need to take my current home for its loan amt. Is it possible?
We are currently living in Perth, Western Australia but are moving back to England at the end of July. My parent’s have been looking at houses on the internet, last week they found one. It’s a repossession and we are a cash buyer, we asked family and friends to go view the house on our behalf which they kindly did, the estate agent they spoke to said ” No issue us buying the house from overseas as long as we could prove the funds etc” but when my dad spoke to another estate agent within the branch, he was told ” We are not allowed as we haven’t viewed it” We then phoned back a day later to place an offer and spoke to the same guy who was still adamant that we could not do this, a family member then went into the branch and put in an offer on our behalf after an argument had occurred. We later found out that the offer had been rejected but believe it never went to the owner as it was £11,000 over the asking price and at least £7,000 over the previous offer, correct me if I’m wrong but wouldn’t the owner accept a higher offer? isn’t it in their interest to get as much money as possible for the property?
We then got in contact with our solicitor who said “There is no issue with buying a house without viewing it” so he then kindly phoned them and was told the exact same thing, We told them ” We could prove where the money came from, would send over Identification and a statement showing the funds” This still isn’t good enough for them, our family member even offered to buy the house yesterday but was told no! Our solicitor is trying to find out who the owner is then try direct contact with him/her, apparently contracts exchange on Friday!
My mum has also spoke to two different estate agents within the town as was told “No you don’t have to view a house in order to buy it as long as you can prove the funds etc”
Personally believe an underhand deal is going on!
Is this particular estate agent breaking the law in anyway? Doesn’t all offers have to be presented to the Owner, regardless? Why is this estate agent so different to all the others?
We already have plenty of stress with moving to the other side of the world in a few weeks, we don’t need anymore over buying a house,
if anyone could please provide any information that maybe useful, so we can try and understand this bizarre situation, i would be extremely grateful.
Thank you x
In the states of Nevada and Arizona, if a home is repossessed, will the bank go after your money in order to make up for the loss of a short sale? What effects will it have?
l lost my family then my job then seem like every thing just went down hill from that,now that im stable again i need to find another house for my family now that we’re together again but my credit ie ruined
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 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
We are looking for a sub prime loan for our first house. Our credit is awful but clear of any bankruptcy or repossessions. I know all about the collapse of the sub prime market but am wondering if anyone has any suggestions on where I should look. There are tons of so called “lenders” out there and I am hopeful that somebody can help us steer through all the junk lenders and find a legetimate one. We only have about 5 thousand to put down but live in an area where the average house is about 60 grand. (oscoda, Michigan) Thanks
I’ve just got a letter telling me the date of a possession hearing. Very complicated situation basically. I am a carer for my mother (shes autistic) and i am 19. I was named as the tenant of where we are currently living last year (although i am now unsure how this could have happened because i was full time at college and had no income whatsoever, not from a job or benefits). My mum claims Disabilty Living Allowance and Income support i think.
Then we are supposed to get housing benefit and because i was put as the named tenant this also had to be put into my name. I’m really confused as to why but basically this was stopped some time ago, i tried to sort it out (at the time i had a care worker who was helping me deal with money and house matters as i had-and still have-no clue, but she recently ended our contract which i am also unsure about).
Anyway i thought the housing benefit was sorted, apparently it was not, so we are in arrears with rent and ALSO the housing benefit people are saying they overpaid “me”. I think this is because my mother was not getting child tax for me?? Which i have since been told she could claim and if she did this would cancel out the “overpayment”.
I am feeling completely stressed at the moment. I cant go and tell my mum about the possesion hearing i have just found out about because she will completely freak out, seriously it is just not an option. I dont have anyone to help me with this or tell me what to do.
To be honest i’m not even sure what a possesion order is, i THINK its when they evict us but surely that would be REpossession?? Will they come and take our belongings?? Because we have nothing of value really and i dont think we can afford to pay back this arrears either.
I really need some help/advice pleease.
Thanks.
Also i’ve been told i will get a bad credit rating if all this goes ahead (although i may be wrong, i might already have one). I really want to avoid this, i just feel its a bit unfair when it’s not technically MY debt, i have tried to many times to sort things with them but *I* am not the one in control of the money so i dont see what i can do when my mum believes we should not have to pay. Its easy for her to say that when its not her name getting damaged! >:(
Sorry. Stresssseeeedddd……….
My husband and I are planning to buy a house. We have a motorcycle that is basically breaking us money wise. Without this payment, we would be able to afford a mortgage.
What I’m trying to find out is, if he lets the bike get repossessed, how will this not only effect his otherwise perfect credit rating, but our ability to purchase a home within the next 6 months.
We can’t sell it because we owe more on the bike than we would get in a sale.
Any thoughts are MUCH appreciated. Thanks everyone. 
and I have a repossession on my credit report, what are the chances of being able to buy a house ($130,000)?
Are the interest going to be super high since my credit not so good?
Thanks, best good answer 10 points for your time.
