identifying reposessions

useless

Hi

I wondered if anyone knew a way of identifying the reposessions that are currently for sale in a wide area?

i.e. all those in Berks, Surrey, Hants, Oxfordshire?

Repossession is a terrible thing for anyone to go through and I know some people will say I am horrible for wondering how I can identify potential cheaper properties as a result, but thought I would brave asking anyway and take the flak!

If I search for properties in a certain price bracket and within a certain distance of my work on rightmove, then I get lots of results for properties in big towns that are good value because they are the less popular areas.

Whereas I'm trying to identify if there are any ones out in smaller towns and villages. The only way I think it is possible to do this is to scan lots and lots of search results in rightmove or to do lots and lots of individual searches on rightmove for all the different place names.

Any advice is gratefully received, I appreciate this is quite a strange thing to be searching for! thank you in advance.

Emmzi

look for ones with tape over bath loo and sink in rightmove piccies

googler

..and with an A4 sheet of paper taped to the inside of a front window....

Emmzi

..and make friends with eas in area..

Enfieldian

Then expect to end up paying more than the market value because repossessions are cheaper than normal houses, even when twenty people all think the same and start bidding against each other.....

uk_property_expert

If are you targeting repossessions because you hope to find a bargain? They are not always a bargain as Enfieldian mentioned. Are you targeting a cheap property as a home or as an investment? What you need to do is get yourself in a position to move quick and be able to exchange in 48 hours (get proof of dip, bridging loan, bank statement with deposit) Then advertise the fact you can exchange in 48 hours in return for a discount on the market value of around 20% (property may already being marketed below its market value and after a refurb ie 5k refurb will add 15k value). You can advertise either in your local paper or by telling the local agents. around 20,000 leaflets with this message in the right area will also get you a result.

Milliewilly

Enfieldian wrote: »

Then expect to end up paying more than the market value because repossessions are cheaper than normal houses, even when twenty people all think the same and start bidding against each other.....

Yep thats been my experience since last September and loss adjusters will take a mortgage over cash if its higher,

egyptiangirl

Emmzi wrote: »

look for ones with tape over bath loo and sink in rightmove piccies

random qu - why do they do this?

googler

Because the water is turned off, and the cold water tank drained, and possibly the hot water tank, and possibly the heating system - on the assumption the house will be empty for a while.

The tape usually carries the advice that the systems are drained, and that they should be re-commissioned with input from a qualified plumber, heating engineer, etc. It also carries a 'Do Not Use' warning.

RobertoMoir

egyptiangirl wrote: »

random qu - why do they do this?

Because they shouldn't be used until they have been checked out.

useless

uk_property_expert wrote: »

If are you targeting repossessions because you hope to find a bargain? They are not always a bargain as Enfieldian mentioned. Are you targeting a cheap property as a home or as an investment? What you need to do is get yourself in a position to move quick and be able to exchange in 48 hours (get proof of dip, bridging loan, bank statement with deposit) Then advertise the fact you can exchange in 48 hours in return for a discount on the market value of around 20% (property may already being marketed below its market value and after a refurb ie 5k refurb will add 15k value). You can advertise either in your local paper or by telling the local agents. around 20,000 leaflets with this message in the right area will also get you a result.

thanks everyone, in reply to the question posted above, as a home not an investment so the need to have a real bargain isn't a big driver, just to get a nicer house than a biscuit tin. Have been looking at houses on and off for years, and noticed a couple of repos recently on rightmove, but only once they had already been sold.