Repossessed Houses/flats

Fat_Boy

Grinch, I note your caution, but the sites I linked to are reputable auction houses (Savills being a notable example).

Doozergirl

You're looking at auction properties. The guide prices are an indication of what the reserve price is on a property, no guarantee at all to the price they will fetch. The reason properties are sent to auction are that they are generally in poor condition and often non-mortgageable. You need to be sure of the work required on a property before you bid, meaning you either need a trustworthy builder friend or deep pockets for surveys (as there's no guarantee you'll get a property once you've forked out for a survey). When you succeed at auction, you have to put down a 10% deposit, sign the contract there and then and complete within 28 days.

The Dalston property is in need of modernisation - a lot of hard work and hard cash on top of the purchase price that must be taken into account before you consider the difference between what it costs you and what it's worth. Many auction properties are not bargains at all.

Repossessions do come up with estate agents too, giving first time buyers a better chance of getting a 'good deal' on a mortgagable property, although agents often have favourites that they will give first refusal to. The way to find is by hard work - researching local house prices and trawling agents websites and local newspapers for those well priced properties.

PLEASE, don't fork out any money to any of these companies offering you secrets or auction details. They're only charging you for information that is freely available for free! You can get just as much information from places like this. There's a couple of threads on here listing auction houses if you do a search.

$17mma

Thanks for the advice

Any one would be silly to think that this is what the houses actually go for. And yes work is needed, never scared to roll up my sleeves. With my OH as a chartered surveyor actually working for Savills we would have a good idea of what kind of work we would be looking at and the expense.

Fat boy!!! thanks for the sights....:beer:

Doozergirl

Other auction threads:

http://forums.moneysavingexpert.com/showthread.html?t=95817

http://forums.moneysavingexpert.com/showthread.html?t=91416

Doozergirl

Fat_Boy wrote:

Grinch, I note your caution, but the sites I linked to are reputable auction houses (Savills being a notable example).

There's definately someone on one of your links asking for £25 for information.

Fat_Boy

Doozegirl, I saw them too, that's why I put in the link in my first post that some were asking for cash!

$17mma - no worries

Natelle_2

You might find this page of interest for auction dates and venues.

sukey13

If you are seriously going to become an auction attendee (and there are still some bargains to be had - but I agree with the earlier post that most properties end up selling for more than what they are worth) I would sign up to...

http://www.auctionpropertyforsale.co.uk/default.htm?1049

You can then search for specific areas you are after.

I am a happy user - not connected to the site in any other way.

P.S. Don't all go bidding on the ones I want!