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Repossession listings

ey_up
ey_up Posts: 310 Forumite
Part of the Furniture 100 Posts Combo Breaker
in House buying, renting & selling
Hi guys and gals,

Anyone know if house repossession listings/auctions are made public by the larger mortgage providers?

I assume sure most, if not all, are handled/sold onto professional companies that specialise in selling of repossessed houses but someone may know differently. I doubt these would go anywhere below market value but its worth a question ;-)

Cheers
«1

Comments

  • pennypuppy
    pennypuppy Posts: 722 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    don't think I would touch repossessed stuff, too sad really - bad karma.
    :wave:
  • cazmanian_minx
    cazmanian_minx Posts: 4,049 Forumite
    Part of the Furniture 1,000 Posts Debt-free and Proud!
    Have a look at the big property auctions - often the catalogue will say whether a lot is a repossession or not.

    For example, Barnard Marcus tomorrow:

    http://www.barnardmarcusauctions.co.uk/

    - the sale is about 65% repossessions. (Click Current Auction and then the link for Full Catalogue top right - it's easier to see the vendor in that format).

    Caz
  • ey_up
    ey_up Posts: 310 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Thanks for that one. I having a look now.
  • ManAtHome
    ManAtHome Posts: 8,512 Forumite
    Part of the Furniture Combo Breaker
    Don't they have to advertise in the local papers - something like "we have received an offer of £xxx, contact us if you wish to offer more in the next x days"?

    Remember seeing quite a lot of them in the early 90s.
  • Zammo
    Zammo Posts: 724 Forumite
    I've heard you can ring banks and request their repossessions list so you can buy directly from them. Can anyone confirm this to be true?
  • guppy
    guppy Posts: 1,084 Forumite
    Part of the Furniture Combo Breaker
    This place lists all auctions. You need to pay to subscribe though:

    http://www.eigroup.co.uk/

    AFAIK most repos are just auctioned along with everything else. Check out your local property auction house.
  • guppy
    guppy Posts: 1,084 Forumite
    Part of the Furniture Combo Breaker
    pennypuppy wrote: »
    don't think I would touch repossessed stuff, too sad really - bad karma.

    On the other hand the more people that are interested, the better the price achieved and therefore more money for the original owner...better than leaving them without a house and still in debt...
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    cazmanian_minx wrote: »
    Have a look at the big property auctions - often the catalogue will say whether a lot is a repossession or not.

    For example, Barnard Marcus tomorrow:

    http://www.barnardmarcusauctions.co.uk/

    Thanks for that!

    In the recent (5 Dec) auction, I noticed there was a property in Manchester selling for 120k, with a rental income of 800 per month. Seems like an excellent return - off to investigate this one.:beer:
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • m00m00
    m00m00 Posts: 1,755 Forumite
    chopped pork and ham
    It's a health benefit ...
  • KITCHEN1_2
    KITCHEN1_2 Posts: 49 Forumite
    "selling for 120k"...by "selling" if you are talking about guide prices be wary, guide prices are often used to generate interest by being set on the low side. So if you are the vendor and the auction get's a couple of very interested parties bidding off each other the sale price can finish up quite a way from the guideprice. On the otherhand Pros won't overbid the figure they set for themselves pre auction though.
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