The ethics behind repossession

kripel

so Just for the fun/to prove some point? they decided to trash the house before leaving? yup i would really feel sorry for such people..
If they were decent people they probably even wouldn't come close to the repo as such

Addiscomber

I would look at it this way - if you hadn't bought the house someone else would have done. That might well have been a developer/flipper, and they certainly wouldn't have given a thought to the previous inhabitants. As you bought it you have been able to buy something that you wouldn't have been able do otherwise.

silvercar

Quizzical_Squirrel wrote: »

In my area, in my price range, repos go for about 200-300K less than usual market value.

That's a hard figure to ignore because you feel sorry for the previous owners. As already pointed out, someone's going to buy it. Better people who will love it than a soulless developer.

I don't think you need to feel that you're dancing on a grave. The previous owners won't even be able to face looking at it any more. They won't see you. There won't be wee tearful faces pressed up against car windows outside... "We used to live there...."

There is a risk with repo's and that is why they are cheaper, no full answers on property information forms, possible lack of certificates, risk that there may be hidden problems with the property...

onlyroz

Dird wrote: »

That doesn't really answer the question. Can I go into Lloyds and ask them if they have any houses for sale? I've not seen properties listed by Barclays on rightmove

The repos are the ones where the sinks and toilet have been taped up due to utilities being turned off. Also when they are under offer the estate agent will advertise the current offer price, e.g. "An offer of £x has been received for property y. Contact us to make a higher offer prior to exchange of contracts."

Davesnave

We didn't buy a repo, but the property was being sold quickly in difficult circumstances.

At the time we offered, we knew nothing, but we suspected something wasn't right, because of the price and the sellers' need for a fast sale.

Like a repo that's been trashed, our property had some issues and it was one of several we'd sought and considered where the owners allegedly wanted a rapid cash sale. I say 'allegedly' because in other cases, despite being in a pickle, the owners were not realistic in their expectations.

At no time did we feel it was our place to judge vendors' culpability for their predicament, but we knew we could only help them out of it if the deal made financial sense.

We know what happened to one of our our vendors. She now seems in a better place financially than we are!

katsu

Purchased a repo which had been damaged by the behavior of ex owners and gutted . Due to the damage and wilfulness of the damage for damages sake (holes in doors, floor, damaged electrics etc) I don't remember thinking very much of previous owners.

House was filthy and they'd used the address after moving out (not returning movies to the adult video store who then kept sending letters to the occupier, never mind ordinary debt) so along with the descriptions from neighbours I never felt I would have wanted to meet them.

I did feel a bit sorry for some members of the family but honestly we made the house our own and never felt it has a funny feeling because of it. We were genuinely happy that their damage etc made our house affordable to us - although yes, not a cheap bargain, the bank fought hard and were also useless in the solicitors letters where all they said was "we don't know" to nearly every question.

seven-day-weekend

I have never bought a repo, but my feeling on it is, these people have lost their house anyway, whether you buy it or not. They have not lost it because of anything you have done. Whether they 'deserved' to lose it or not, the fact remains that, whatever happens, they are not going to be living in that house again.

Therefore I think you need have no qualms about buying it.

luvchocolate

My home was repossessed 2 years after I left my then partner living there, he did not keep up the payments and upon eviction he had removed everything he could, when I saw the estate agents brochure for the sale it broke my heart.
My home had been wrecked, but when I drive past now I see the improvements being made and looks like a lovely home again.
The shortfall on the sale was over £100,000 and I had to declare bankruptcy.
I am pleased the property is loved again and not left to get even worse.
Be happy in your new home.

onlyroz

I don't understand why somebody being reposessed would willfully damage their property. All they are doing is hitting their own pocket even further.

luvchocolate

Situations are not always what they appear to be.
In my case the loan was in my sole name, I left as partner was living a double life.
A very complex situation followed.
Just saying they can be very difficult times and we do not know all the facts.