I was in the process of buying a house and it was repossesed what will the process be from now on,can i still?

Question

House was taken back by the bank that mortgaged it
House was sold by an estate agent to me
nothing has happened since,3 weeks ago
what is the procedure now.

Answer 1

This was criminally stupid on the part of the listing agent and the former owner. If they show a pending contract of sale, any rational lender is going to hold off. They're more likely not to lose money - or not to lose so much.

Go to the escrow company and request your deposit back.

Then, if you still want it, go to the new owner (the bank) and make an offer for the property. Actually, get yourself a buyer's agent first, and have them make the offer. Since the property is almost certainly worth less now, you probably don't want to offer as much.

The old contract - between you and the former owner - is most likely void, as they no longer own the property, they can hardly sell it to you, can they?

Consult an attorney for details.

Answer 2

If you made an attempt to purchase that was not accepted you will have to contact the banks REO division (real estate owned) and see what their procedures are. Normally they will schedule the property to be sold at auction to the highest bidder. In that case, you could end up getting the house for a good deal depending on which lien foreclosed and the total owed in comparison to market value. Make sure you do a deeds and lien search on the property before purchasing at auction. This will tell you exactly what is owed and what the max you might pay is.

Here is some additional info. Hope this helps.

Answer 3

Demand that the estate agent refund your money, and if they already turned it over to the Seller, that's their problem.

Your contract to buy it was with the FORMER owner. When the bank took it back, the contract became void, and regardless of what the contract said about the deposit being refundable, it is 100% refundable (unless you had already breached it for some other reason).

If you still want to buy it, you have to negotiate with the bank.

Answer 4

First, it sounds such as you have an adjustable value loan ("quite at time of remortgage, end of mounted value"), why could you do this? The funky hands are what’s inflicting a brilliant style of the housing problems. See in case you could swap to a well-known 30 year mounted. in case you do not purchase you would be renting, the final option? you're throwing your money away there, no question approximately it. in case you purchase you have a competent probability of having respectable fairness in a competent region ("appropriate situation and placement") that years down the line you won't be waiting to purchase while the marketplace comes back. bear in ideas, the huge fairness jumps in 2002-2004 weren't commonplace! in case you may desire to purchase yet another place formerly the marketplace comes back you could continuously lease your abode. there are a brilliant style of exact property companies that furnish property administration, so as that even people who do not understand the technique can lease their properties. I also have a condo property precise now, and the loan business corporation that i'm working with (for a sparkling purchase) will count quantity seventy 5% of the lease charge as earnings . . . so in case you get a respectable quantity for lease, financially it is going to not end you from buying yet another abode. do not walk away . . . bear in ideas that it somewhat is an rather good time to purchase (respectable costs of interest and inventory driving costs down). residences in appropriate situation in appropriate places will benefit fairness greater advantageous, so which you have finished nicely there. Renting is in basic terms paying somebody else's loan, build your wealth, not theirs!

Answer 5

Go back to the Estate Agent and ask.

Answer 6

Get your agent to start discussions with the bank and see if they are willing to honor the initial contract price. Or, you could wait and let it go into foreclosure then pick it up at auction for even cheaper than the intial price.

Answer 7

Did you give someone a deposit? Get it back.
You have to deal with the bank. See if they'll give you the same deal you had.