Hidden repossessions

carolt

I'd always assumed that repossessions were obvious because of those little ads in the paper etc.

But we actually went to view one last week - despite the fact we're very reluctant to buy at the moment, as it doesn't suit our personal timescales to move at the moment, and probably will move to a different area (still being discussed), this house was so large for the money, and in such a good location it seemed a shame not to view it. First house we've viewed to buy since 2006, I think.

What was interesting is that it was not marketed as a repo anywhere. The EA told us verbally before we viewed, but it is nowhere mentioned on any of the marketing material (or only insofar as it is "chain free", but then so are plenty of others that aren't repos).

It made me wonder how many other repos are out there, without one being aware of it, unless one specifically enquires?

Anyone else come across this?

(Oh, and before anyone gets too excited, no, we decided against it - the kids didn't like it anyway, and there is little point in buying in an area if we may need to move in less than a year.)

ruggedtoast

You can usually tell because there is tape over the cupboards and things, providing there are pictures.

carolt

Yes, but only if you view.

How can you tell if you don't view?

This one had all the tell-tale signs - wires ripped out, graffiti all over the place etc. But strangely enough - can't think why - they hadn't featured that on the property particulars.

HAMISH_MCTAVISH

I'm not sure why you categorise these as "hidden"?

Most reposessions are now sold through normal channels, never reaching auction.

In the last quarter, only 350 or so reposessions reached auction after failing to sell in normal channels, down from around 1300 a year previously.

Most vendors try not to advertise/promote properties as repo's, as it may lower pricing expectations. Although they won't typically lie about it either, in a rising market it doesn't help to achieve best prices, which they have a legal obligation to do.

ruggedtoast

I think I'd feel a bit sad buying a repo, maybe a flat you could think it was probably some young guy who didnt give a monkeys, gave two fingers to the bank and moved back in with mum.

But a family house I think it would be on my mind knowing some poor people had lost their home.

carolt

Very true. That was certainly one thing against it, in my view.

lostinrates

whereas I felt, the house I spoke about viewing at the weekend, that I almost wnated to buy the house of people forced to sell by redundancy, to help them move forward.

ruggedtoast

At the end of the day this is the difference between them and us. "We" feel bad about families being repoed out of a home, "they" rub their hands together with glee at the thought of families being forever priced out of owning one.

lostinrates

ruggedtoast wrote: »

At the end of the day this is the difference between them and us. "We" feel bad about families being repoed out of a home, "they" rub their hands together with glee at the thought of families being forever priced out of owning one.

Do they? I think ''they'' just find it hard to put themsleves in ''our'' position (as ''we'' do in ''their''s). i do resent the implication that I might enjoy other people's pain though, when its made: its hard t be whiter than white anyway...every shopping decision carries potential suffering to someone.

We're not priced out, not now. That said, I'm getting awfully bored of all of this. Its not just the housing thing, its the othe stuff in life, the emotional rollercoasters of Dh's career, my thought about businss startup, the normal dramas of family life, everything. Its all just...boring to me atm

ruggedtoast

I'm not personally priced out but then i have a decent job and a deposit - many people dont. Its all for the greater good on this forum I can tell you!

One day generations will look back and they will say - ruggedtoast made a difference!

chucky

ruggedtoast wrote: »

At the end of the day this is the difference between them and us. "We" feel bad about families being repoed out of a home, "they" rub their hands together with glee at the thought of families being forever priced out of owning one.

most people aren't priced out.

the property that they'd like to buy is probably not realistic to their budget.
managing expectations is the most difficult thing to deal with when buying a property...