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House Auctions

Jeewhizz
Jeewhizz Posts: 97 Forumite
in House buying, renting & selling
My wife and I are looking to buy our first property. We're currently just beginning to look, and I am wondering whether it's worth looking into property auctions etc... Are there specific companies that sell houses cheaper than normal that have been reposessed etc?

Are there any issues with buying a house that was repossesed? (bad credit / blacklisted house...

Cheers,

Jee

Comments

  • Tassotti
    Tassotti Posts: 1,492 Forumite
    It is rare these days to find a bargain at the auctions.

    However, go along to a few to get the feel of them. Mark down sold prices and compare with current market values. It's worth a try.

    There aren't any specific companies that sell repossessed houses. Repos either go to EAs or auctions.

    Buying a repo will usually mean that the gas, electric, water will have been turned off. Not a problem..Contact suppliers and get them turned back on.

    Addresses don't affect credit ratings, although you may find you will receive mail from creditors for some time.
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