Reposessed Properties

carefullycautious

How do you find out about repo properties. Are they only at auction? Have just been reading other thread and wondered how/where they are advertised by the banks

Thanks

Cat695

I'm doing the same.....just ask the EA you are interested in repo's(go to all EA in your town

If you have a good deposit and especially if your not in a chain or FTB with funds in place you could get a good deal

Only after so many weeks will they go to auction

carefullycautious

Hi thanks for the reply
I would be a cash buyer. So estate agents have lists of repos and you can hopefully buy them without them having to go to auction. Is this right

Cat695

yep they would snap your arm off if your a cash buyer

offer a hell of a lot less than the asking price

BUT be aware i believe the repo will stay on the market UNTILL you have exchanged (incase they get a higher bid) so the sooner you can exchange the better

Cat695

PS

You can normally tell repos (if your looking on rightmove etc) by it being empty and in a bit of a state (though not always)

Taps etc are tapped up (BIG SIGN OF A REPO)
there might be a notice stuck in the window
sometimes the place is full of stuff etc
No onward chain etc

carefullycautious

when you say taps are taped up what do you mean. Also what is in the window? Sorry for the questions just looking at cheaper options of buying

poppysarah

red and white tape - you'll know it when you see it.
Plus a document taped to the door or front window. This is removed after a short while though as it's just notice for them to remove their chattels.

You'd see them if they're there. One repo I'd see hadn't got taped up bathroom though.

http://www.rightmove.co.uk/viewdetails-19339390.rsp?pa_n=1&tr_t=buy&mam_disp=true
notice in window. this is a repo which made it to tv - their friends tried to buy it for them at 85k I think but the bank refused.

http://www.rightmove.co.uk/viewdetails-23435777.rsp?pa_n=2&tr_t=buy&mam_disp=true
Is that a notice too?

RomansProperties

HI
If someone makes an offer on a repo is gets a 7 day notice of this offer in your local paper. So if you buy this every week you can see what bids repos are getting.
Also if you look on rightmove for the area you are intending to buy the repos normally stand out as quite a bit cheaper.
As a cash buyer you are in a good position to move quickly as the main propblems with repo bargains is people can move on while you are spending money on the legal side.

vivatifosi

I've noticed with a few of the repos near where I live firstly the wheely bins get stolen (I have no idea why) and second it is not uncommon for the previous owner to leave a window open, even though it has been absolutely freezing. I presume this is because they still think they will be able to access the property if the locks are changed, or maybe to create a bit of mischief and attract squatters. This is in addition to the gardens getting overgrown (absolutely no attempt at gaining doorstep appeal), the notices in the window, etc.

On a more obvious point, many of the ads in the paper helpfully state 'on behalf of the mortgagee in possession'.

Hectors_House

carefullycautious wrote: »

when you say taps are taped up what do you mean. Also what is in the window? Sorry for the questions just looking at cheaper options of buying

In the photos you'll notice a white tape fixed over stuff like the toilet, boiler, fires and the radiators telling people not to use them (part of repossession is all services get switched off and water drained from the property to protect against any leaks whilst it's standing empty).

A notice has to be displayed in the window telling the occupants their deadline for removing belongings.

Premier_2

Why on earth do you want to restrict your purchase to repos?

As a cash buyer, most sellers would jump at any offer you make. Surely buying a property you want/like at a bargain price is more important that the reason it is being sold.