Any clues to repossessions?

hethmar

The Land Registry will be months behind anyway and Id have thought as they were already part owners of a mortagaged property there would be no requirement to update the info. until the property is purchased again.

Around here there are a few empty houses with To Let signs, Ive assumed that the people have had to move before they could sell. Of course you could get empty places which are BTLs and the owner has decided to sell up. I cant see why the agent would be reluctant to tell you as a sale is a sale. "A company" may well be a finance company.

hethmar

Microstar wrote: »

Check for signs of a hasty exit, kids toys still left in the garden etc.

Oh, that did give me a lump in the throat Micro

Wig

hethmar wrote: »

I cant see why the agent would be reluctant to tell you as a sale is a sale. "A company" may well be a finance company.

Because they work for their client not for you, and they have to try to get the best price for their client. So telling buyers it is a repo is not going to help them get the best price.

A lot of people in this thread have suggested asking the EA. My experience is that they usually refuse to answer the repo question. Are EAs required to identify the seller if you ask them specifically?

neverdespairgirl

So_Sad_Angel wrote: »

Althought just to add....the fact that the property is empty is the biggest giveaway.

Rarely will someone leave an empty property otherwise.

What about sales by the family after someone has died? That must be a common reason for a place to be empty.

hethmar

Wig wrote: »

Because they work for their client not for you, and they have to try to get the best price for their client. So telling buyers it is a repo is not going to help them get the best price.

A lot of people in this thread have suggested asking the EA. My experience is that they usually refuse to answer the repo question. Are EAs required to identify the seller if you ask them specifically?

We asked and were told the exact name of the finance company selling the property as a repo. Surely if you ask if its a private owner sale or a company one they would have difficulty not answering?

Running_Horse

Does it matter? You either like it and think it is a good price, or you don't.

Wig

Repos are far more likely to accept a very low offer. No properties on the market are a "good price" IMHO.

Jorgan_2

The management companies I deal specify that we are not allowed to tell people the property has been repossessed, in case it brings in lower offers. If I get asked if a property is a repossession, I tell people I can't answer that question. Many will realise at that point that there is a good chance that the property is a repo.

When viewing a property, as stated, tape over sinks/toilets/gas appliances stating 'DO NOT USE' is a good indicator, also repo's require a visitor log to be kept at the property. They usually have to be kept at the property & signed on each visit, an inspection usually has to be carried out every seven days for insurance purposes.

wymondham

Are'nt repo's advertised in the local paper by the estate agent listing the current offer and inviting others?

I know the house we bought was, although the estate agent very kindly made the ad VERY small !!!!

Claremac

I got a text from an EA I'm registered with yesterday saying "REPO 5-BED DETACHED" etc etc so I guess that they are allowed to tell you in some cases!