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Where to find repossessed properties

John_Stiles
John_Stiles Posts: 262 Forumite
in House buying, renting & selling
Is it a good idea to contact banks directly and ask them what they have on offer? If so, what department would I need to contact?

What about estate agents? Is it true that they tend to have quite a lot of repossessions but they don't like to advertise them?
I'm John Stiles, I am.
«13

Comments

  • experience08
    experience08 Posts: 223 Forumite
    John_Stiles wrote: »

    What about estate agents? Is it true that they tend to have quite a lot of repossessions but they don't like to advertise them?

    They HAVE to advertise the offers. I always see them in my local newspaper, saying they've received X offer and inviting higher offers before X date.
  • poppysarah
    poppysarah Posts: 11,522 Forumite
    Why do you specifically want to buy a repo?

    You should look at all properties if you're after a bargain. A seller in a rush might be a bargain to have too!
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    experience08 wrote: »
    They HAVE to advertise the offers. I always see them in my local newspaper, saying they've received X offer and inviting higher offers before X date.

    This appears to be an England and Wales thing. Doesn't happen in Scotland.
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Take a look at the info on Martin's main site: http://www.moneysavingexpert.com/mortgages/buying-repossessions

    This should provide the info/advice you are looking for.

    D9
  • King_Of_Bling
    King_Of_Bling Posts: 279 Forumite
    edited 16 August 2011 at 11:12AM
    googler wrote: »
    This appears to be an England and Wales thing. Doesn't happen in Scotland.

    So, in Scotland the estate agents take sealed bids? But they still have to advertise to get these bids?
  • googler
    googler Posts: 16,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    King_Of_Bling wrote: »
    So, in Scotland the estate agents take sealed bids? But they still have to advertise to get these bids?

    They get advertised, on agent's websites, in newspapers etc, same as any other property for sale, but my point is that I've NEVER seen a property advert where the selling agent has explicitly stated that the property is a repossession, nor any where the agent has stated the amount of any received offer.
  • MissMotivation
    MissMotivation Posts: 1,751 Forumite
    It gets on my wick when people come into my office just asking for "repo's" :mad:
    My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say ;)
    Ignore......check!
  • GDB2222
    GDB2222 Posts: 26,321 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    MissMotivation wrote: »
    It gets on my wick when people come into my office just asking for "repo's" :mad:


    Why is that?
    No reliance should be placed on the above! Absolutely none, do you hear?
  • King_Of_Bling
    King_Of_Bling Posts: 279 Forumite
    MissMotivation wrote: »
    It gets on my wick when people come into my office just asking for "repo's" :mad:

    You still get the commission, so what's the problem? If you don't have repo's, and people are asking for them, get in with the banks to make some extra dosh :money:
  • MissMotivation
    MissMotivation Posts: 1,751 Forumite
    GDB2222 wrote: »
    Why is that?

    Because I think that Buyers think that all Reposessions are bargains that they can get at rock bottom price which isn't necessarily the case most of the time. I've got properties on my books that are "bargains" but not Reposessions and generally they are not interested.

    Just one my my irritations really lol
    My home is usually the House Buying, Renting and Selling Forum where I can be found trying to (sometimes unsucessfully) prove that not all Estate Agents are crooks. With 20 years experience of Sales/Lettings and having bought and sold many of my own properties I've usually got something to say ;)
    Ignore......check!
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