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Where to buy a repo?

dazeruk
dazeruk Posts: 313 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
As a prospective FTB I've been looking at the range of properties that would be affordable to me in the area I want to live.

I've noticed quite a few repossessions but they all seem to be being sold at auction. Obviously as a FTB relying on a mortgage, auction is not the way to go. But with repossessions advertised at prices a lot lower than conventional sales this area looks too good to ignore.

Are there other ways to get into this market other than via auction?

Comments

  • princessamy86
    princessamy86 Posts: 4,889 Forumite
    Check with estate agents, a lot of repos are sold through them. Drive round, see if you can spot any notices in windows of houses. Other than that, no I'm afraid!
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Often you find clues to repo -

    A notice in the window directing the former owner to an agent to arrange uplift of any remaining possessions in the house

    Letterbox secured shut to deny further mail

    No furniture, no-one at home

    ... up to you whether you think it's worthwhile driving/walking/cycling round all the props in your target area. Me, I'd phone round the EAs or look at their websites for the attractively-priced props.
  • besonders1
    besonders1 Posts: 582 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Look for red tape on gas fires, boilers and taps saying DO NOT USE / COMDEMNED etc.

    Most are for sale thru EAs but obviosuly they don't have big signs shouting about it, they normally would be priced cheaper than conventional sales.
  • besonders1
    besonders1 Posts: 582 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Letterbox secured shut to deny further mail
    so what the purpose of this? Why do they not want further mail?
  • princessamy86
    princessamy86 Posts: 4,889 Forumite
    If it's empty for a while, the mail piles up behind the door and because some silly beggars like to put fireworks through doors it's a fire risk. Also, there's often a lot of letters for the previous occupier who may have defaulted on bills etc, and the post will automatically be returned to sender this way. Honestly, I've been in empty houses which still have open letter boxes and you wouldn't believe the amount of carp that gets pushed through, literally mountains of the stuff in just a few short weeks.
    Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.
  • brummybloke
    brummybloke Posts: 1,518 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    look in estate agents, adverts saying things like' vacant property' or ' offers' can be a clue
    what is the plural of moose?


    slags
  • Running_Horse
    Running_Horse Posts: 11,809 Forumite
    Part of the Furniture Combo Breaker
    Well you could use the search button.
    http://forums.moneysavingexpert.com/showthread.html?t=1688113
    Or follow my numerous links.
    Been away for a while.
This discussion has been closed.
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