Purchase of a house in receivership

In the post I invited people to correct it as I was not sure on whether the word was used in that context.

Anyway, your post kind of confirms what I said which I was asking what was the business. I said that it seemed unusual to be using that term. I had the impression that it wasn't used in the context of family homes. You confirmed that.

We bought a repossessed property (rurally). We've had no issues with the locals, if anything it was welcomed that someone took on the property as it was standing idle for over 5 years and becoming an eye saw.

The previous owners adult son had gone back after they left and stripped the house of everything, plumbing, kitchen etc. in a kind of protest but tbh it is an old house and everything would have needed to be replaced anyway so saved us a job of stripping out everything ourselves.

We paid cash so we didn't have to deal with a mortgage and it took us 17 months from going sale agreed to close of sale.

If the former owner co-operates, it will go through. Most former owners don't co-operate.

I've bought two repossessed houses, the first one took 5 months, not an extremely long time. The second one took nearly 7 months, it should have been done in 4, but the previous owner was holding out for 5k for non existent furniture. My sale/buying price would have been the same but the bank getting 5k less. After a lot of song and dance, another house came up across from it, so I gave them the choice to close in 4 days, by the end of that week, or I was buying the other house, I had the keys in my hand by Friday afternoon.I have a friend that has bought two also, and I'm sure lots more friends that have done it that it's not important to mention.

Its very few sales that lead to repercussions after, there are tons of houses sold in receivership, and people love a good story, so we hear about them more often-like thousands of people driving a road every day, but we don't hear about them, but we do hear about the crashes. Personally, I wouldn't let it bother me.

You're getting a house at a good price, enjoy it, keep the pressure on your solicitor to keep the pressure on their solicitor and auctioneer to keep pressure on the bank.

Re-Possessed houses are different to receiver sales. there is less to go wron in a repossession case because the bank has a court order.

Thanks, I didnt know there was a difference, as it turns out so, one was a repossession and one was a receivership.

Thanks.