Repossessed property

Discussion in 'UK Property' started by Wajr, May 4, 2018.

  1. Wajr

    Wajr New Member

    Hello

    I am interested in buying a repossessed property but the estate agent tells me I cannot do a structural survey as it must be completed quickly is this something they can demand?

    The property has some cracks I am not sure if it has structural issues or if they 're superficial but if there is anyone here that can give me advice that would be appreciated.
     

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  2. nmb

    nmb Well-Known Member

    Why would they want to stop someone doing a survey (which could be organised fairly quickly) when investing what is probably a significant amount of money? Unless the risk/reward ratio stacks up I personally would be very wary.
     
  3. Josh Caldwell

    Josh Caldwell Josh Caldwell - American Real Estate Investor

    Ok, so you cant do a formal survey. Can you hire a structural engineer to come over and give you an opinion? I find that those guys can quickly sort out an issue and even offer a solution very quickly.
     
  4. FWL

    FWL Member

    Exactly, it is not a case of taking weeks to take a look and give an opinion. If there are cracks already visible this may not be the end of the world but you do need expert guidance.
     
  5. Longterminvestor

    Longterminvestor Active Member

    I understand the concept of buyer beware, but actually stopping someone doing a survey after they have requested one - what have they got to hide? I would not touch it with a barge pole.
     
  6. YP123

    YP123 New Member

    Stand your ground. If you are already into the process then it will take longer for them to garner interest from alternative buyers and get into the process again than it would for you to have someone take a look at the property.
     
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