How do you find out about repossesions in an area ?

mikeyw

It would appear that repossesions are a good way to get a property under current market value however how would you find out about them ?

Is this information available to all of us or is it just for a secret sect

Is the purchase any different because it's a repo ie are lenders a bit more wary ?

TIA,
Mike.

wills7

I found out about the repo i bought by ringing an estate agent toy view a property, they told me had it had been sold and offered to give me a viewing on a repo one so found out by accident really

Xbigman

A lot of repo's go to auction. Thats a good place to start.
Regards



X

nelly05

Currently the repo's are not too much cheaper than market value.

You do also get the fall out from the previous owners depending on debts etc that they had accrued.

We still get baliffs letters 3 years after moving.

Regards

cattie

The days of repossesion properties going for silly prices is long over. These days the lenders are legally bound to achieve the best price for the property, which is fair & right as so many people were left still owing thousands to the lender after their house was repossessed & sold for far lower than the true value/mortgage amount.

In many cases even after an offer has been accepted an advert stating the amount will be published in the local press inviting higher offers.

Hello

Check the notices in your local paper, that is how we found out we could afford our first house, just happened to see it. We didn't have a problem with lenders, they checked the names at current and previous addresses, not the purchase address. The fall out from the previous occupants was minimal for the joy of our first home together. We just sent the letters back with 'unknown at this address' written on them and had a different telephone number when we moved in (a tip from a friend who didn't have a different number!)

I have noticed that you can't get repossessions as cheaply as you used to, which (like said in previous post) is only fair as any shortfall the repossessed would still have as a debt. I know this from first hand experience too (before we met, but the debt lasts a long, long time!!).

Good luck with the search.