Repossed Property

walks

Really sorry to ask this but how do you find repossessed properties to buy, my young son is desperate to get on to the property ladder,but can not afford at the prices they still are. It seems that is only chance would to be a repossessed property, I must say that we feel awful that someone as lost there home, To enable us to maybe buy one.

Walks x

GDB2222

walks wrote: »

Really sorry to ask this but how do you find repossessed properties to buy, my young son is desperate to get on to the property ladder,but can not afford at the prices they still are. It seems that is only chance would to be a repossessed property, I must say that we feel awful that someone as lost there home, To enable us to maybe buy one.

Walks x

They just get advertised. They are not necessarily very cheap, but you do have a chain-free deal and a seller who is motivated to sell.

BTW, at the moment it's not a property ladder - more like a snake.

harbinger13

GDB2222 wrote: »

They just get advertised. They are not necessarily very cheap, but you do have a chain-free deal and a seller who is motivated to sell.

BTW, at the moment it's not a property ladder - more like a snake.

GDB2222 - generally where do these adverts appear? On rightmove I do not see any mention of the repossessions - or at least I am not able to deduct it.

Would help to know where to search - if you have an idea.

Running_Horse

walks wrote: »

Really sorry to ask this but how do you find repossessed properties to buy, my young son is desperate to get on to the property ladder,but can not afford at the prices they still are. It seems that is only chance would to be a repossessed property, I must say that we feel awful that someone as lost there home, To enable us to maybe buy one.

Walks x

Your son needs a cheap property, not necessarily a repossession. If he cannot afford one after a couple of years of huge price falls, then maybe home ownership is not for him. A repossession is not his only chance, having a big deposit and earning a good living probably is.

GDB2222

harbinger13 wrote: »

GDB2222 - generally where do these adverts appear? On rightmove I do not see any mention of the repossessions - or at least I am not able to deduct it.

Would help to know where to search - if you have an idea.

They are just sold as normal. There's sometimes a mention of chain-free. When you view the property, it's usually obvious because there's nobody living there and the water's turned off etc.

What I think you are really asking is whether there is some hidden marketplace for these properties, and whether you need to know the secret handshake? Well, if there is a hidden marketplace, you are not going to find out about it, because it's ....... hidden. In fact, whilst there may be a very few backhanders, it is basically all out in the open, at least as far as I know!

Most of these repossessions are marketed through estate agents, who just add them to their portfolio of properties to sell and market them in the standard way. They generally do not make a big song and dance about them being repossessions. I am not sure whether that is because they do not think that is a big selling point or because they are instructed not to say that by the sellers. The sellers may feel that there are quite enough repossessions on the market without making a big thing about it and perhaps driving prices down.

Some of the repossessions are sold at auction, where it is quite difficult for a first time buyer to purchase them, I am afraid. A buyer needs to have his survey in place, have done all the legal work, and have his mortgage finance sorted out before bidding, with no guarantee at all of securing the property.

hethmar

If you look through an agents listings, it will sometimes say "sold on behalf of ..............." and a Building Society or Banks name.

But basically in the pics you usually notice no one is living there, there may be tapes over the loo, saying do not use - stuff like that. But to be truthful, if your son is looking at prices - it doesnt matter whether its a repo or not, does it - just whether he can afford it.

charliee_3

walks wrote: »

Really sorry to ask this but how do you find repossessed properties to buy, my young son is desperate to get on to the property ladder,but can not afford at the prices they still are. It seems that is only chance would to be a repossessed property, I must say that we feel awful that someone as lost there home, To enable us to maybe buy one.

Walks x

because we are first time buyers it seemed a lot of the decent houses in our price range were repossesions.. you can tell because
a)they are empty
b) they may have an eviction notice stuck on the front (you can see this in the picture sometimes)
c) they seem very (sometimes stupidly) cheap but then when you enquire the estate agent may tell you that there have been several bids and it is above the advertsied price already.

the estate agent will tell you if its is one as they are a bit different to a normal house sale.
if you want to buy one you have to be ready to go as they want them to complete in a few weeks and prepared for it to fall through as apparently they have to keep them on the market by law until the contracts have exchanged.

poppysarah

Don't aim to buy a repo. At least 50% more stressful than a normal buy.

mlz1413

Hel8n wrote: »

I have seen and viewed a repossed property, which i really liked. If the property has been repossed does this mean the house is black listed and lets say i buy the property, would this have any impact on me living there e.g baliffs
Thanks Helen

As many other have said no it doesn't affect your credit, but I would like to share what happened to me as it can happen to anyone.

I bought a house that had been rented and the tenants evicted, the old tenants still, 5 years on, register mobile phones and items on HP at my address - as they know the address and postcode it seems this can happen.

I have also had numerous debt agencies send letters, after 2 years I started to report them to the CSA for harrasment and this is one of the only things that has stopped the ex-tenants getting credit - scary!