Repossessed Property Buying: Quick Briefing Discussion

Debbie1980

jsward60 wrote: »

Along the same lines; it may just be me and my connection but I've found the three websites listed in the article completely unuseable today - can't get a response from any of them. whitehotproperty crashes before displaying the home page and the other two just churn away while trying to do searches.

I've also tried a few times today to get on propertyearth without success - earlier today when i tried to search it just froze, now when i enter the URL it just says Service Unavailable.

Had no trouble accessing the others though

michaelkav36

i have just read the article as i am looking at a reop property, as a newbie can anyone advise ast to the implications of this statement made in the article

"While it’s easy to be squeamish, remember repossession doesn’t mean the end of the debt; any shortfall can still need repaying."

does this mean that if i buy the property i could still have to pay out to someone who is owed money, say the bank for example? if this is true how can i find out if this is the case

g_attrill

michaelkav36 wrote: »

"While it’s easy to be squeamish, remember repossession doesn’t mean the end of the debt; any shortfall can still need repaying."

does this mean that if i buy the property i could still have to pay out to someone who is owed money, say the bank for example? if this is true how can i find out if this is the case

No, it means that if the sale of the property doesn't cover the debts the original owner will still owe the shortfall to the mortgage company, repossession doesn't "wipe the slate clean" for them.

mancmum

We've just been in the position of needing to sell a property that needed complete renovation after the death of a distant relative. The house was in a good area and we had 60 viewers in four weeks but ultimately we hope we have sold to a builder who could offer more but who we also knew would be able to complete a sale. We were sad that all along it was unlikely to go to a couple who could do it up and have a home for life - because the mortgagors would deem it unhabitable. There needs to be some sort of scoring system for people who do have the nouse and energy to do properties up. We did it ourselves twice when it was the only way of buying a property where we wanted to live.

We knew there was about 40K profit in doing it up but it was too hard to manage from a distance.

Don't be afraid of buying a property from a probate sale the relatives remaining need to move on with their lives and property hanging around only makes this harder

H.Org

Buying repo's IS hell - it's not as simple as everyone thinks - the seller won't transfer the deeds for 21 days, this means you'll have difficulty getting a mortgage. Have just backed out of one after spending almost two months and almost £4,000 on surveys and legal fees as the SELLER would not exchange contracts at the very last minute, they want to wait. My advice is don't bother - the hassle and the stress are not worth it.

BobbinAlong

Friends were repo'd almost two years ago as they couldn't meet payments and their home is still for sale. Trouble is the mortgage co have failed to maintain the property particularly clearing drains and thus allowed it to flood. When they left it was a nice property. Now it needs major work and won't sell for the target price. Surely it's unfair if the owners have to pay back more money because the company failed to maintain the property and keep its value up to cover the loan?

brightbuy

Guys, how do I get one of my sites to appear in the listings? I get a repossession list of properties from a variety of sources which is downloadable via PDF and all people have to do is register for free on a site I run, download it, use Rightmove to access the details, then make offers direct.

I'm not posting a link for spam reasons and it's NOT the one on my profile. Please could someone from MSE PM me or email me to review my site?

If it helps, I have been offering help here on the forums!!!

champion777

This looks like it could be a good addition to the list of "The top repossession property sources" www. AuctionsCoUK.com

nickmax1

the link is propertyearth.net

not .co.uk!

mr_jetlag

As someone who actually bought our repo'ed flat from a mortgage company, I can attest that, while it needed a good clean, no obvious trashing was done. The previous owner had done a runner on his mortgage and now lives in Australia (yes we ensured the house was "clean" debt wise and also any mail got returned to sender).

The biggest annoyance was actually getting an old charge from the managing company off our account - stupid bank didn't bother paying it and it sat there until we took possession as they did not declare it to our conveyancers.

Yes there are pitfalls but also advantages - previous owner left us some decent dining room furniture and uplighters... as well as some crap we ebay-ed or freecycle-ed out within the week :rotfl: