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How to find repossessed properties for sale
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# 1
PaulDonn
Old 04-01-2009, 7:55 PM
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Default How to find repossessed properties for sale

Hey.
Does anyone know where to look to find out which houses have been repossessed and are up for sale/auction ?
I am looking for a bargain in North East England.
Thanks for all replies in advance.
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# 2
Xinpei
Old 04-01-2009, 7:59 PM
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hi, I don't have any websites - the only ones i've come across all look dodgy and ask for a subscription. I was told by an EA that a giveaway for a repo house is that there are no pictures given - i.e. the ad just shows the exterior of the house and no more. She reckons its because the banks don't require any pictures to be taken on the inside. But I have also seen some repo's with interior pictures.

Where in north east england are you looking at? I think northeastpropertyauctions may have some bargains.
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# 3
PaulDonn
Old 04-01-2009, 8:05 PM
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ok good thinking on the no pictures stuff, that would make sense.
The tyne and wear area.
will have a look at that site now.
thanks
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# 4
Squish_21
Old 04-01-2009, 8:14 PM
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Most repo's around my way have interior pics. Giveaway is normally that the loo seat(s) are taped up.
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# 5
NeilYoung
Old 04-01-2009, 8:15 PM
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Not an exact science but a repo'ed property often has a sheet of A4 paper stuck in the front window, it gives details of who to contact if the former occupants owed you money.

If there are photos of the interior the place will probably be empty and appliances (including toilet seats!) are taped up.

Last edited by NeilYoung; 04-01-2009 at 8:16 PM. Reason: spelling
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# 6
besonders1
Old 04-01-2009, 8:24 PM
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I am surprised you need to look for repos, I live in the northeast almost every street where I live there are houses up for sale with the "notice in the window" particularly council estates. They are all in the estate agents but they might not tell you but as others have said you will see the "do not use" tapes over the appliances, sometimes in you see in the leaflets.
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# 7
Running Horse
Old 04-01-2009, 8:46 PM
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Does it have to be a repossession?

Surely you are looking for is a bargain. Plenty of those about.
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# 9
Darth Marty
Old 04-01-2009, 9:50 PM
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Just ask the agent, 9/10 they will simply tell you.

The main giveaways are as follows -
14 day notice in the window (as mentioned in previous posts)
Just a few pics, focusing on external features.
Internal pics would include empty rooms, furniture etc stacked tidily in corners of rooms, sinks, toilets, basins all taped over saying "do not use"
Thats pretty much it as I remember however if you offer on a repo the response can sometimes be slow, few days, as the agent has to forward to the repo company who then refer to the bank/buillding society.
Honestly though if you have proven you are a serious and able buyer the vast majority of agents will tell you.
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# 10
mbga9pgf
Old 04-01-2009, 9:59 PM
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Quote:
Originally Posted by Darth Marty View Post
Just ask the agent, 9/10 they will simply tell you.

The main giveaways are as follows -
14 day notice in the window (as mentioned in previous posts)
Just a few pics, focusing on external features.
Internal pics would include empty rooms, furniture etc stacked tidily in corners of rooms, sinks, toilets, basins all taped over saying "do not use"
Thats pretty much it as I remember however if you offer on a repo the response can sometimes be slow, few days, as the agent has to forward to the repo company who then refer to the bank/buillding society.
Honestly though if you have proven you are a serious and able buyer the vast majority of agents will tell you.

Write to Northern Rock/Halifax/Nationwide saying you have X to spend and are looking for a quick sale; they used to produce lists of properties that had been repoed on their books. When the turd hits the fan this year and the firesales start, it will be all men to action stations... All the banks will be interested in is getting back as much of the original loan as they can. two fingers to the original owners financial wellbeing.
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# 11
Darth Marty
Old 04-01-2009, 11:25 PM
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They have a legal responsibility to get the best possible price so with the greatest of respect that last post is not correct. Im not even sure they would deal with you direct as they pay good money for companies like countrywide/spicerhaart etc to deal with repos for them.
Also at this stage no one knows just how bad/good the number of repos will be in 2009, after all employment hasnt gone to pot just yet and the banks are under instructions to prevent as many repos as possible.
Id hazard a guess that jan/feb 2010 will see the greatest number of repos.
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