buying repossessed property

pud1

i hope people don't think i'm being heartless posting this but as a married person with a 5 month old daughter and who's struggling to get on the housing ladder due to the cost of property at the moment can anyone tell me where i can find properties that are up for sale in my area due to repossession.If i contacted the banks directly would they tell me and is it possible to contact the original mortgage lender and make them an offer or do the properties have to go to auction.And if they do have to go to auction how can you buy one if you don't have a lump sum available to put down as a deposit

burbs_2

some on here will think you are heartless, others wont. I dont think you are, its all about the money saving.

there was a big post on this very subject about a month ago, have a search for it as i cant remember where.

I know if you are going to be buying from auction then you have to have the funds in place before you get the bids in as once it is sold you have to put down a deposit, then you get something like 28 days to complete and if you dont you lose you deposit.

others will be able to advise more in depth as i am only just getting involved in buying property myself

m00nie

i think alot of the properties are sold as normal through estate agents nowdays, and i imagine estate agents have a few people they automatically call as and when these properties come up..

as above says though at auction you have to complete withing 28 days, and they take the deposit on the day.

frugal_dougal_3

There are websites out there that you can get this info from but you have to pay a subscription, and in my opinion they do not tell you anything that you could not find out for yourself by other means. In other words they are a waste of money.

Try all your local estate agents and get onto their mailing lists. Then visit them once a week to re-affirm your interest.
Check your local press and websites such as Rightmove which is the one that all good estate agents advertise on.

The sort of property you want is out there, it just has to be hunted down. Good luck with your search.

flea72

they are usually just put through estate agents - but whenever a repossessed house is sold, they have to put an ad in the local paper, asking for better offers - so thats the only way, you tend to find out

as said previously, most estate agents already have people who they tend to push repossessions out to first, before the open market - best thing to do is make friends with all your local estate agents, but they really want regular buyers, not one offs

budgetflyer

look at
http://www.alandee.co.uk/downloads/house/Movie2.htm

some usefull info to get you started

VH

Most repossessions are still sold through auction houses, although they are not anywhere as cheap as they used to be. You will not get much off the standard prices (around 10-20%), unless the owners have vandalised them before they have moved out (which is not uncommon).

Most auction catalogues have a note against each lot which specifies who the house is being sold on behalf of. A repossession will have something like "On behalf of Halifax - mortgages in possession" or something similar.

There are also some solicitors who specialise in shifting repossessed houses.

And no you're not being heartless, a house is a house at the end of the day.

As already mentioned you will be required to provide a deposit at the end of the auction, and completion must take place in 28-30 days, depending on the auction house.

The best website for all the upcoming auctions across the UK is free, although many auction houses have premium rate catalogue request lines. Drop me a PM if you want the website address.

Good luck!