Buying a House from a Finance Company

MiddleOne · 17-07-2017 01:33PM #1

Hi

I have found a house that I really like within my price range, however, the estate agent has told me that the seller is a finance company and they have yet to accept the last offer (15k under the asking price) made 6 months ago. While they were apparently happy with the offer they haven't actually accepted it.

I want to make an offer but I don't want to wait 6 months. Has anyone any experience of buying a house where the seller was a finance company? Is the slow response to offers normal?

BTW, estate agent also told me it is part of a portfolio of houses bought to be done up and sold on when the recession hit.

Graham · 17-07-2017 01:42PM

Popular question today:

There is no generic timeline.

Experience suggested by other posters is anything from 4 weeks from offer being accepted to getting the keys, right up-to 12months+ and the bank pulling out.

paintinglasses · 17-07-2017 01:48PM

We waited 9 months from sale agreed to getting our keys. Took about 6 weeks to get the sale agreed status, everything took a very long time. At the last moment the bank decided they weren't signing the deeds (I think) over to us and it look like it was going to fall through.
Next thing, they decided to sign the deeds and it was done within 2 days.
But we almost lost the house. We looked at other places the other time, I would encourage you to keep your options open.

Buying a House from a Finance Company

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