Repossessions: A BASIC GUIDE

Whilst every lender and each property will carry its' own specific instructions and requirements generally speaking prospective buyers should be aware of the following main points:

Properties will generally remain available for sale even after an offer has been agreed until exchange of contracts has been effected.

Public Notices advertising the address and the amount offered are common and will usually appear once an offer has been agreed.

Detailed information relating to a buyers financial status, mortgage source (if applicable), deposit, solicitors and personal identity are often essential prior to consideration of an offer.

Time constraints are often attached to any agreed sale by the Lendor with performance requirements added.

An Estate Agents instructions always come from their client. Unlike private sales, institutional sales predominantly require a continuation of marketing until exchange of contracts. It is possible to incur expense in pursuing such a purchase unsuccessfully.






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