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How do you find repossessed homes to buy

245

Comments

  • spuds_2
    spuds_2 Posts: 874 Forumite
    Many repossessed houses go through estate agents first. They rarely say repossessed - just vacant possession, or no chain. As others have said, auction properties often go for way over the guide price and many are sold for what they would fetch on the open market anyway. The Edward Mellor EA's site had a good guide to buying properties at auction. Hope this helps.
  • andrew-hat
    andrew-hat Posts: 1 Newbie
    hi everyone theirs a house been repossed near me & a estate agent has it up for sale,is their anyway i can find out which bank/building society is owed the money.

    thanks andy.
  • m_13
    m_13 Posts: 990 Forumite
    If you buy a copy of the title from the land registry then it should show what is secured on it. If you use Land Registry line then it costs around £3.

    By the way, why have you replied to this old thread instead of starting a new one :confused:
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    First Anniversary Combo Breaker
    m_13 wrote: »
    By the way, why have you replied to this old thread instead of starting a new one :confused:
    If only more people did the same instead of starting yet another discussion about "repossed" property. About time someone started a sticky.
    Been away for a while.
  • m_13
    m_13 Posts: 990 Forumite
    Were the OP and the new poster asking the same thing then I have no issue with posts being merged. However, the original post is 'how can I find a repossession to buy' and the new post is 'I've seen a repossession for sale, how can I find out who the mortgage lender is'. They are totally unrelated questions apart from the fact they both have the word 'repossession' in them.

    If all posts with the same keyword in were merged then the board would be even more confusing!

    However, I do agree; a sticky on buying a repossessed property would be good although whether people would read it before posting is another matter!
  • Mapson_2
    Mapson_2 Posts: 26 Forumite
    I use Globrix and filter on keywords 'no chain' which helps to identify a lot of repossessions in my area http://www.globrix.com/property/buy/
  • sharpe106
    sharpe106 Posts: 3,559 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    andrew-hat wrote: »
    hi everyone theirs a house been repossed near me & a estate agent has it up for sale,is their anyway i can find out which bank/building society is owed the money.

    thanks andy.

    It makes no real difference which bank is owed the money as all the bank will do is sub contract it to somebody, for example if Halifax were owed the mortage they would not be listing the house and you would not be making a offer to Halifax but to another company that they would employ to deal with the house
  • Running_Horse
    Running_Horse Posts: 11,807 Forumite
    First Anniversary Combo Breaker
    Mapson wrote: »
    I use Globrix and filter on keywords 'no chain' which helps to identify a lot of repossessions in my area http://www.globrix.com/property/buy/
    You only want repossessions?

    What about well priced non-repossessions not in your search?

    How much extra would you pay for one?
    Been away for a while.
  • besonders1
    besonders1 Posts: 579 Forumite
    First Anniversary Combo Breaker First Post
    I agree, what makes you think that you will get a bargain with a repossession? Why not try bereavement/forced sales offered through estate agents and buy the conventional way, they seem to sell eventually for less. I imagine you are looking to buy a house that you can renovate and do up.
  • bdl1brick
    bdl1brick Posts: 83 Forumite
    Quite often repossessed places end up with an estate agent that is owned by or connected in some way to the lender.

    Good way to tell if a property is a repo is look at the pics of the kitchen and bathroom on rightmove and see if there is tape over the loo, sink, boiler, appliances etc saying 'DO NOT USE'

    As others have said though a repo will not always be underpriced, if its a good property the lender will want the best price.
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