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How do you find repossessed homes to buy

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  • mark5
    mark5 Posts: 1,361
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    The amount owed on the mortgage plus selling fees probably influences the selling price of a repossesion so a house bought at the peak of the market with 10% deposit might have a high reserve.

    If you buy a repossesed house expect to have plenty of visits from bailiffs!
  • sharpe106
    sharpe106 Posts: 3,559
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    Also with repo properties you have to be careful as a lot of them have been trashed as the previous owners knowing they were going to get it taken of them have either not bothered looking after it or taken everything they can out.

    Some people down the road where I lived got a repo house, the occupants that lived in the house that had it taken of them only lived there for about 18 months, the house is about 8 years old in total and the previous owners before them had it from new and were house proud so when it was sold 18 minths ago it was in pretty top nick, the people who have just brought it have already spent £75,000 on fixing it up and still not finshed. I know this is not going to be all repo houses but something to bear in mind
  • sharpe106
    sharpe106 Posts: 3,559
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    mark5 wrote: »
    The amount owed on the mortgage plus selling fees probably influences the selling price of a repossesion so a house bought at the peak of the market with 10% deposit might have a high reserve.

    If you buy a repossesed house expect to have plenty of visits from bailiffs!


    It depends how long it has been on the market for it has been on for a few months then most bailiffs will already know so will not be a problam
  • bdl1brick
    bdl1brick Posts: 83 Forumite
    you will get loads of debt chasing letters for the previous owner to deal with........I also had a fair bit of hassle getting the electric put back on in a repo I bought and then getting rid of a key meter although that was partly due to the incompetence of Southern Electric!

    There was also stuff missing that you don't think of like keys for patio doors meaning getting the locks had to be drilled out and replaced and a big hole in the front door where the locks were badly changed when it was repossessed.

    All good fun getting the place together though!
  • gallygirl
    gallygirl Posts: 17,228
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    If you're looking at property on a website such as RightMove a good sign it's a repo is 'do not use' tape over toilet, boiler & cooker.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • fflsh
    fflsh Posts: 15 Forumite
    Also in Rightmove etc as well as the do not use tape you may sometimes notice a taped piece of paper (roughly A4 size) on the window or front door indicating it's a repo
  • Harts, the estate agent, South London deal with a lot of repos. Some of them have let it slip when I called after looking at the adverts and questioned them in detail.
    The quickest way to double your money is to fold it in half and put it back in your pocket. :rolleyes:
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    rightmove. look for the bits of paper in the window. and taped over bogs etc.
  • SouthCoast
    SouthCoast Posts: 1,985 Forumite
    poppysarah wrote: »
    rightmove. look for the bits of paper in the window. and taped over bogs etc.

    Rightmove currently has a repo where the picture shows the notice on the front door giving seven days to remove the contents.
  • Milliewilly
    Milliewilly Posts: 1,081 Forumite
    I am amazed at the number of totally empty properties there are for sale - about 1 in 10 I view on rightmove have no contents!
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