Reposesed properties

sexysam

Can anyone tell me how I can find out which properties for sale are repossesed, as I desperately need to buy one for my daughter and her young kids. Will the estate agents tell me, or are they any other alternatives

Thanks

Incisor

So it really has to be repossessed? How much extra would you pay for a repossessed house?

What you are looking for is a cheap house, not a repo. Look for cheap houses and buy one for your daughter. If you find out it's a repo, then I suppose that is a bonus.

guppy

Look for property auctions online, Barnard Marcus (Google them) have lots of repos nationwide. They state if the auction is by order of the mortgagee in possession.

If you buy at auction, you will normally need to complete within 28 days though.

milkybars

You may well be able to spot a reposession house on viewing it... the water often gets turned off and drained so as a precaution tape is put over the toilet seats and sinks. When we were viewing we just asked the estate agents the situation of the vendor (before or during a viewing) and mostly they were forthcoming with information. There's no harm in asking.

KellsBells

guppy wrote: »

They state if the auction is by order of the mortgagee in possession.

Not necessarily the case. My clients prefer that EA's and Auctioneers do not disclose the fact that a property is a repossession.
The ways to spot a repo are that there should be a notice in the window, the agent will conduct the viewing, not an occupant, the services will be turned off (for insurance purposes) and taped with Do Not Use tape, and the agent will be able to advise that there is no onward chain.

Why would you specifically like a repo? If it is bcz you are looking for a bargain, this is a common myth... the property will still be marketed at the current asking price (and in some cases slightly above :rolleyes: )....

Running_Horse

If you really want a cheap house, go to auction where numerous houses are now unsold, despite the propaganda put out by the BBC and other property !!!!!! peddlers.

Jorgan_2

KellsBells wrote: »

Not necessarily the case. My clients prefer that EA's and Auctioneers do not disclose the fact that a property is a repossession.

Most of the companies I deal with specify that we do diclose the property is a repo to any potential buyers.

Premier_2

KellsBells wrote: »

...The ways to spot a repo are that there should be a notice in the window, ...

You know, when I posted a similar comment a few weeks before this thread was created, I got pounced on within 15 minutes.

http://forums.moneysavingexpert.com/showpost.html?p=12627125&postcount=23

I'm glad I'm not the only one who's seen these notices.

hethmar

The one my son is in the middle of buying :eek: he didnt know it was a repo until he went to view and the agent told him then. There was no notice in the window, the loo etc was still working (he tried it).

I guess its all a bit hit and miss how you work out its a repo, apart from the fact there will be "no chain" (no, I dont mean on the loo).

I dont really think you mean a repo, you mean a good bargain. Try auctions.

KellsBells

Premier wrote: »

You know, when I posted a similar comment a few weeks before this thread was created, I got pounced on within 15 minutes.

http://forums.moneysavingexpert.com/showpost.html?p=12627125&postcount=23

I'm glad I'm not the only one who's seen these notices.

The notice has to be in the window for 14 days telling the borrower where they need to go to arrange the removal of their furniture - they would normally only take it down once the borrowers possessions have been removed.