Is it still possible to buy repossessed property???

harriso

I’m looking at getting on the property ladder and I am finding it very difficult to say the least. I have been told to look at buying a repossessed property but I’m not sure how to find such properties.

Can anyone advise me on if this is possible and how do I go about finding such properties.

Generali

Try property auctions.

free4440273

...i'm looking for the same thing. i was wondering if folk here knew of any websites with such properties. thanks all.

BTman

I'm sure there will be plenty of repo's on the market in the next year or so...

shelly

Where we live repossessed properties are advertised in the local rag alongside normal sales. They aren't always as cheap as you may think, a house next to us was recently bought as a repo and was very overpriced IMO, needed alot of work doing to it.
Try going into local EA's and asking if they have any repo's on their books.

MJMum

Try going into local EA's and asking if they have any repo's on their books.

Regulations mean that EAs are not supposed to tell you that a property is a repo. But if you ask them, they will probably say "we have this property with immediate vacant possession, needs some work, client looking for a quick exchange..." or something to that effect. If you drive by, you will see the repo notice stuck to it anyway.

ukbondraider

What I have found when viewing Repo properties via estate agents is that they will go on the market for £10-£20K less compared to an equivalent property but they will usually require £10K- £20K of work.

You also are more open to gazumping with repos.

In summary, you rarely get a bargain so they arent usually worth it.

no1gymbunny

They are more difficult to come by. Best thing to do is to register with all your local estate agents. The decent ones and YES they do exist will let you know about them. Whatever offer it achieves will be printed in the local paper in a Seven Day Notice encouraging other parties to make an increased offer. This can often get messy and I would advise you to be careful here as your heart can rule your head and you may end up offering may than you can realistically afford. I have seen this happen only this week.

good luck and be careful!

roswell

There normaly advertised in local papers followed by " An offer has been made on XYZ for the value of £XXXXXX other offers to be submitted by 22/03/2007"

As said above get to know your local eastate agents, a top tip may be to tell them your looking for an investment property /properties

Pink_butterfly_3

We bought our house in August of last year. It was a repossesion. It cost £127,000. There is a house next door to us on the market now (exactly the same, not as nice inside though) for £165,000.

Admittedly, it was a wreck inside, but as we were renting in the same street we knew what it could look like with some TLC. Its cost us about £6,000 to renovate it and it looks fab now.

It took 28 days from us putting the offer in to completion. It was completely hassle free which was amazing!!! Once your offer is accepted, they do put an advert in the paper inviting people to offer higher but the Estate Agent told us that in 18 years he had never known that to happen.

The only other problem is that we have had a few letters from various debt collection agencies and a visit from the bailiffs! Obviously, as the debt has nothing to do with us, they were all very polite and we have never heard from them again. It has never had any impact on our credit rating either.

MJMum

It's so nice to hear from someone who bought a repossession to live in themselves as they are normally snapped up by developers and back on the market immediately.