Repossession properties........Where?

itsbeef

I have a heard a few people of late talking about buying repossession properties but how do you find out which financial institutions have them for sale?

Doozergirl

They tend to go through estate agents or auction houses.

When they're with estate agents, they're not really advertised as such. Most of the time, you just see the notices in the paper that say "X estate agent has received an offer of £.... on such and such address"

Auction houses, it generally says 'by order of the mortgagee" against the lot.

itsbeef

Thanks, is it feasible to contact banks etc to ask direct?

Doozergirl

They don't work like that. It's important for them to release properties on general sale as they legally have to get the best price and be shown to do so.

emg

I'm buying a repossession. It was just through a high street estate agents although they phoned me the day it came on the market so I saw it and put my offer in before all the details were up on the web/in their window. It was a bargain compared to similar properties in my area but I'm well aware that I could be gazumped right up to the last minute - you can't get it taken off the market when your offer is accepted like with a normal sale. I have spent out on searches and survey so will lose money if this happens.

Still...fingers crossed!