Repossessions?

jak · 15 March 2009 at 9:54PM

How do you find out about houses that have been repossessed? Do they tend to be auctioned?
I know that sounds like a horrid question but i'm interested in the price of such properties?

poppysarah · 15 March 2009 at 9:56PM

Just look on rightmove and local EA.
You'll spot them sooner or later.

not always cheaper considering they often have work needing doing to get them habitable.
If you can move quickly then they might be a good idea. But they're sold as seen.

silvercar · 16 March 2009 at 12:12PM

Apt quote from yesterdays Times, along the lines that those seeking repossessions are the vultures preying on the carcass of the financially fallen.

poppysarah · 16 March 2009 at 12:15PM

Nah. People buying repossessions now are paying more than they would be paying 6 months down the line and thus are reducing the debt of the financially fallen.

besonders1 · 16 March 2009 at 12:40PM

Repos are more hassle than what there're worth, its only EAs and the media trying to fool buyers into thinking that they're getting a bargain. I have seen other homes going for less on the conventional market e.g. bereavement, divorce sales and yet no one seems interested in getting into a bidding war.

Running_Horse · 16 March 2009 at 1:46PM

jak wrote: »

How do you find out about houses that have been repossessed?

Use the search function?

http://forums.moneysavingexpert.com/showthread.html?t=396185

Dozens of regular discussions all saying much the same thing.

gordano_2 · 16 March 2009 at 1:54PM

You could also try one of the companies specialising in repossessed BMV properties .... there are many websites offering these services.

poppysarah · 16 March 2009 at 2:52PM

gordano wrote: »

You could also try one of the companies specialising in repossessed BMV properties .... there are many websites offering these services.

For a fee.

Repos are sold on rightmove via local ea.

go and ask local ea if you really want to buy a repo

m_13 · 16 March 2009 at 3:57PM

We bought via an auction house. Some auctions deal with specific lenders. For example, many Northern Rock properties go through www.harman-healy.co.uk. We bought an ex BTL property for just over 38% of the offplan price paid in August 2005 :eek:. As it was BTL the last tenant left and the property was mothballed. Nothing was damaged and as it was repossessed in 2007 nothing has had much use.

It is a rollercoaster though as I've posted elsewhere. The property isn't definitely yours until you complete and even then you have to wait for the title to clear at the Land Registry.

Credit_Check_Services · 16 March 2009 at 5:00PM

poppysarah wrote: »

For a fee.

Repos are sold on rightmove via local ea.

go and ask local ea if you really want to buy a repo

Agreed, my approach is to look for where you can get the biggest discount after paying all fees. If an internet company can get you a deal at -25% (and charge 2% fees) but an estate agent gets to a deal at -15%, then the internet company wins?

I have purchased via both routes though; my experience is agents will find properties in your area, internet companies tend to be Uk-wide ... so if you only want to buy local, then agents for repos is probably your best route.

Repossessions?

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