Finding repossessed properties

Robbo3920

Can anyone advise us on the procedure involved with buying a repossessed house? Want to find out what happens to the house once the mortgage provider have decided to repossess. Do they get offered to estate agents or do they all automatically go through to the auction houses. Is there any way of finding out which houses are the repossessed ones if being sold by an agent? Would be really grateful of any advice/info if anyone has been down this road. Also any info on West Mids auctions. Have tried researching on internet but cant seem to answer our questions!!!

horace_2

In my neck of the woods repro`s are decribed in estate agents advertisements as having......... `no onward chain`.


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poppysarah

Why do you want to buy a repo?
If you're after a bargain then study rightmove with property bee and spot the people who are desperately lowering prices - it'll be less stressful than offering on a repo.

Look for tape on loo and sinks and kitchen, notice in door or front window.

rick9525

Robbo3920 wrote: »

Can anyone advise us on the procedure involved with buying a repossessed house? Want to find out what happens to the house once the mortgage provider have decided to repossess. Do they get offered to estate agents or do they all automatically go through to the auction houses. Is there any way of finding out which houses are the repossessed ones if being sold by an agent? Would be really grateful of any advice/info if anyone has been down this road. Also any info on West Mids auctions. Have tried researching on internet but cant seem to answer our questions!!!

I am looking at a repossessed house on Thursday. It is on at the same price though as another non repossessed house being sold on the same road though they both look in very good condition. I have already viewed the second house.

The estate agents technically are not allowed to say if a home has been repossessed though when looking around as Poppysarah saying it should be obvious.
If you put an offer in and it is accepted you must complete within 28 days otherwise you stand a very big risk of loosing it and it may then go direct to auction. I would advise having a mortgage advisor and solicitor and survey people already in place so you can move as fast as possible if you offer is accepted.
If you are paying in cash they make sure you have quick access to that money again within 28 days.
Be careful not to get into a bidding way as there maybe quite a bit of interest as people equate reposed with low price but ensure you look at what non reposed houses are selling for in the same area.

Good luck.

hartcjhart

by law any re-posessed house must be advertised in a local paper on what they call a '7day notice' advert,

this advises what offer has been made and allows you to go to the agent and make a higher offer if interested,

the mortgagees in posession are not obliged to accept the highest offer but look at who can complete/cash/proceed quickly,

BUT beware I bought a repo but the shyster estate agent tried to con me out of it,
basically I made the highest offer to him and he said that I should win it,1 day before the deadline he called me to say my offer had been declined ,
after a lot of 'sniffing' at the local pub I got the number of the previous owner and paid them £100 for the name of the building society,
gave them a call and they had not been given my offer by the EA,

I then dealt direct with them and the agent no longer sell properties for them:rotfl:

thriftybabe

poppysarah wrote: »

Why do you want to buy a repo?
If you're after a bargain then study rightmove with property bee and spot the people who are desperately lowering prices - it'll be less stressful than offering on a repo.

Look for tape on loo and sinks and kitchen, notice in door or front window.

Would be grateful if you could give me the website address of property bee if possible?

m_13

Let Google be your friend: http://www.property-bee.com. If you do download it you won't get any retrospective information on a property, only information from the time you first visit the property's page on Rightmove.

What sort of thing you are looking for in the West Midlands, which areas, what is your budget?

We're just buying a repossession through the auctions and one of the clear benefits is that the process is transparent and so 7 day notices don't have to be used. The price paid when the hammer falls or stated for the private treaty is the price you pay.

However, as I've warned in another thread on repossessions, the vendor will usually make you pay for their HIP, all searches and often some of their costs. For example, I've seen a recent auction where you had to pay £325 to the auction house as their premium and nearly £2,500 to the vendor to cover their costs :eek:

poppysarah

Work in a bee and you'll see when other people spotted properties too.

Robbo3920

Thanks for all the replies and useful info, the property bee site is great. M_13 have pm you.

lethal0r

how can the EA technicaly not tell you its a repo yet you have to pay within 28 days?

you'd need to know about the 28 days if you wanted to buy it.

poppysarah

I don't know why the EA wouldn't tell you...