Buy a repossessed house

sovereign121

Hi folks, just wondering if anyone could help me out. I placed an offer on a house 5 weeks ago which has been repossessed from the developer by UB. The property is under receivership with whom I made contact. They initially told me that the bank were asking for 120K. I said that is too high as 9 other houses are around it lying idol and have fallen into serious disrepair.
I have lived in this house for 7 years as I was renting straight from the developer. I placed an offer of 115 with the receiver to give to the bank. That was 5 weeks ago and we have still not heard back on whether or not the offer was to be accepted. Anybody have any similar tales or how long it can take to hear word back?

TheQuietBeatle

5 weeks is excessive. Have you got a contact to follow up with?

sovereign121

Yes I emailed the guy from the receivers 2 weeks ago to hear any news and he just told me he heard nothing back from the bank but would send a chaser email

Estrellita

I'm open to correction on any of this of course, but my understanding of it is that repossessions being more complicated can take longer to sort out. I'm not so sure banks are quite as open to lower offers, as they would have a set amount they need first and foremost. In your case I think the first 120k someone offers they will take, unless someone else trump's that figure of course.

Graham

There's no standard timelines for this scenario. Anecdotally it can take anything from 4 weeks - 12 months+ and could still come to nothing at the end.