repo houses, how do you find them???

sarah1

hi,
Can anyone tell me where to find out where to buy repossed houses?
My area is Cannock, Staffordshire, Junction 11 M6
Do you need to pay cash? Can you get a survey done in time.?
Are they much cheaper or are they too knocked about ?
Thanks
Sarah

garysletters

There is no definitive index of repo houses.
Most used to go to auction houses, but even then they can be difficult to spot. Banks dont like to advertise that they repossess lots of houses.
More and more repo's are now being sold through estate agencies.
The bank is obliged to gain as much for the house as possible. There are fewer bargains to be had since all these "property expert" programmes came about.

kinster_2

They are easily spotted as the solicitor's or vendor's details are usually a building society's/banks address ...

ahll

Hi,
Does anyone know any repo sites I could look at that will cover West Yorkshire and Lancashire ?


I have found a site called Repossed House for sale - it cost 49.95 to join ! Has anyone had any experience of using this site and is it worth the money ?
edhousesforsale.co.uk
Thanks

meanmachine_2

Unless you know exactly what you are doing, it's best to avoid auction houses/repos.

You need to pay up 10% on the day, and to complete within a month or that deposit is lost.

You also don't get the opportunity to survey the property, as far as I understand.

It's made to look easy on these property shows, but it's the most expensive purchase you'll ever make, and I wouldn't do it without knowing as much info about the place as i could, would you?

Repos are still quite low, compared to recessionary periods, so your chances of picking up a "bargain" right now are next to slim.

VH

You can get any auction property surveyed in the same way as a normal house. There is a long period that elapses between the house being listed for auction and the auction actually happening.

Unless you're stumping up your own cash for the house, most lenders will insist on the usual survey being done, as generally, auction properties are in a much worse state than ones sold through estate agents (a lot are repos, fire damaged, vandalised, boarded up, etc.)

For further info see this previous thread on the subject.

slater14

"Repossed houses for sale"

Sounds like a bit of a con to me. its probably just guiding you to auction sites which you can find without paying £50 a month.

As far as I'm aware, there is no such thing as a "list" of repo'd houses for sale. This could seen to be illegal for lots of reasons, Data Protection springs to mind and also, that it would attract low offers, and as such the lenders would be in hot water with the regulators and courts and it would leave them wide open to claims of underhanded selling.