Buying a house! Help!

Found 11th Nov 2009
We've decided to buy a house and have just found the perfect one. Its a detached house but full of junk and so is the garden but that will be cleared. I'm pretty sure someone will snap it up when they see it empty so we want to get in there now! (Repossessed by a bank so no chain)

What do I do now? I want to ring first thing in the morning and make an offer but can I do this and have it taken off the market before having a mortgage arranged, survey, solicitor etc? Would there be penalties of it turned out to be on a coal mine or something?

A mortgage won't be a prob as we have 50% of the asking price and a guarantor.

Also what about making an offer, would it be better to offer close to the asking and would it being owned by a bank make a difference to what they would accept?

Please help me, I'm excited and worried (and obviously can't sleep).
Community Updates
If it's a bank repossession they tend to favor cash buyers. Then banks will have a minimum amount they are willing to accept, not that you will know what it is mind.

You can ask and make an offer subject to survey.

But what ever you do note interest with the vendor ASAP and ask them about the terms of sale. If they are only going to accept cash buyers they tend to put it the brochure.

Good Luck.
be sure to check how long you have got to exchange contracts. we recently looked at a repo to let out and was told we would need to complete within 28 days, as the bank has to be seen to get the best price. also the house stays on the market before you exchange. if you are looking at buying a repo, try and get a mortgage sorted first, so you dont have to wait ages for it to go through. in regards to making an offer, make a silly offer, we do, and then work up. good luck
get down the bank first thing and get that mortgage sorted. you can get the amount you want to borrow agreed in principal on any property -subject to survey, tho they wont be that bothered cos of the size of youy deposit- this should give you the freedom to bid on the property of your choice.
you can make an offer on condition it's taken off the market altough it would have to be close to the asking price for them to consider this.if i were you i'd offer the asking price if you really want the house and you dont want to miss out.
as for penalties, if it falls thru you would lose the cost of the survey, thats it.
any mortgage arrangement fees would apply to your loan, not the property so only apply if you take the loan
Cheers for the replys guys, hukd went down for maintenance before I went to bed so I couldn't reply.
keep us updated
i was in a similar position, perfect house came up perfect price! but 3 or 4 other people thought the same, ended up going to seeled bids and the house went for £30,000 more then the asking and we missed out by a few grand.

Hope you get the house though, just thought id share my experience and dont get your hopes up to high.
Thanks for the advice - it seems to be a situation where whoever has the highest offer and can complete before another offer comes in will get it so pursuing it as quick as possible.
Thats it and the good thing is you have nothing to sell!

Just to let you all know we got the house - we ended up offering about 1K more than the listed price and had the offer accepted.

We then had a couple of surveys done which brought up a few problems with damp etc. and then made an offer for 10K less. The bank had an offer for 1K more than that so we said we'll match it and pay tomorrow - They agreed (maybe so it would be sold before Christmas) so managed to knock 9K off our original offer and get the house we wanted on Dec 22nd.

Spent the Christmas period crawling around under the floors, hammering through concrete and emptying the old loft insulation out
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