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First Time Buyer - Buying Repo...Help! First Time Buyer - Buying Repo...Help!

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Old 24-11-2010, 08:20 PM
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Join Date: Nov 2010
Posts: 2
Default First Time Buyer - Buying Repo...Help!
Hi, Im a newbie and require help with the above.

I have had an offer accepted on a repo and after havin spent £265 on valuation, £76 on searching charges and £445 on mortgage broker only to find out that a higher offer has been made.

Where do I stand with this? Am I able to claim any monies back as the solicitor is about to exchange contracts?

Help Please ASAP. Thanks in anticipation.
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Old 24-11-2010, 08:21 PM
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Join Date: Nov 2010
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Default Re: First Time Buyer - Buying Repo...Help!
My offer was accepted two weeks ago and an offer has been placed today.
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Old 25-11-2010, 08:52 AM
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Join Date: Apr 2007
Location: Hampshire
Posts: 474
Default Re: First Time Buyer - Buying Repo...Help!
Who do you think you could claim from? Nobody has entered into any contract with you.

That's the risk you take when you buy a repo. They are usually cheaper than other similar properties but come with this sort of risk.
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RICHARD WEBSTERwww.rwco.co.uk
As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.
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Old 01-12-2010, 01:24 PM
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Join Date: May 2010
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Default Re: First Time Buyer - Buying Repo...Help!
Repo's are marketed up until the point of exchange of contracts as 'best price' has to be evident that it is being achieved.
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Old 04-12-2010, 09:45 PM
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Join Date: Jul 2010
Posts: 56
Default Re: First Time Buyer - Buying Repo...Help!
Quote:
Originally Posted by Richard Webster View Post
Who do you think you could claim from? Nobody has entered into any contract with you.

That's the risk you take when you buy a repo. They are usually cheaper than other similar properties but come with this sort of risk.
That's the point I marked.
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