Buying a house when the seller is the bank

MeeMoo

Hi, everyone !

I`m wondering if there is someone who bought or is in the process to buy a house which is sell by the bank and wants to share their story ? e.g. How long was the process , or if it failed at the end ?

Currently, I`m in this process - to buy a house which is selling by the bank . When I found that the bank is the seller , I told to myself that I`m not the first and not the last person who is involved in this game . A game which is not easy at all .
I`m first buyer, I went sale agreed over a month , all my paperwork(loan pack approved by the bank , house valuation, surveyor) is done just I wait for closing date . What it left to be done is house insurance+mortgage protection ... and obviously to pay solicitor, stamp duty , etc .

My solicitor told me to look for another property, but I`m not sure what to do .

Thank you in advance !

athtrasna

Try doing a search on here. This comes up so often it's bordering on needing a forum sticky.

MeeMoo

athtrasna wrote: »

Try doing a search on here. This comes up so often it's bordering on needing a forum sticky.

I`ve search already but nothing concluded . .

LionelNashe

I bought an apartment 12 years ago. Didn't realise until after I signed that I was buying from a bank. If I had realised, then I would have offered 10 or 15k less, because I got the impression that they just wanted rid of it. There wasn't any delays or hitches with the sale.

campingcarist

When buying from a bank (receiver) be prepared to wait 4,5 or even 6 months for all the paperwork to be completed. Banks and receivers are not very quick in dealing with any queries your solicitor may have.