How to find distressed properties for sale?

GoodDealHunter

Hello All,

I was wondering if anyone can give me advice on where I can find distressed properties for sale?

I'm hoping to buy my first investment property in the next few months. Ideally I'd like to find a property to refurbish so I can do some work to it, add value and sell on for a profit. (Yes I'll admit I probably do watch too many Sarah Beeney programs)

I live in North London so I would ideally like to find something within 40 minutes to 1 hour drive away. Any suggestions and ideas would be greatly appreciated.

I've read useful articles & forum posts on this site for years but this is the first time I'm actually posting my own question.

csgohan4

Auction or homes under the hammer

Lionel_Thinkbag

Probably worth getting in touch with EA's in your preferred areas, let them know your requirements and get on their mailing lists.

There is the auction route too, but 10% deposit on the day and 28 day completion usually applies.

Or else, if you actually see a property round and about that looks suitable, you can post a note through, nothing to lose there.

I once saw a property that looked to be abandoned in an otherwise nice street, I was curious so I paid to look it up on the Land Registry to see who it belonged to - never actually did anything with that info myself- but technically I could have tried to get in touch and find out if the owners were looking to sell.

Hope this helps.

Stevie_Palimo

Or use these :-




And trawl around the streets.

fairy_lights

What's a 'distressed' property?
One that's abandoned? In disrepair?

GoodDealHunter

WOW.........

I didn't expect to get so many replies so fast.

Lionel Thinkbag - I've spoken to a few EA's but to be honest so far they haven't been much help but I do like your idea about dropping a note through the door of abandoned looking houses.

fairy lights - Yep a "distressed house" is just another term for a property that's abandoned or in need of repair.

csgohan4 - Amongst my many searches today I have come across a few sites for auctions houses. I think I might go down to one in a couple of weeks I'll let you all know how I get on.

csgohan4

GoodDealHunter wrote: »

WOW.........

I didn't expect to get so many replies so fast.

Lionel Thinkbag - I've spoken to a few EA's but to be honest so far they haven't been much help but I do like your idea about dropping a note through the door of abandoned looking houses.

fairy lights - Yep a "distressed house" is just another term for a property that's abandoned or in need of repair.

csgohan4 - Amongst my many searches today I have come across a few sites for auctions houses. I think I might go down to one in a couple of weeks I'll let you all know how I get on.

As Homes Under the Hammer presenter Lucy Alexander says, always read the bloody legal pack and make sure you get a full structural survey

Surrey_EA

GoodDealHunter wrote: »

Lionel Thinkbag - I've spoken to a few EA's but to be honest so far they haven't been much help but I do like your idea about dropping a note through the door of abandoned looking houses.

In most areas, particularly those popular areas within reasonable striking distance of London, there are far more people wishing to buy the type of property you describe than there are people wishing to sell them.

It's worth spending a bit of time building up a relationship with a couple of EAs that you think are most likely to receive instructions on the type of property you wish to buy.

If it's anything like my area, when a refurbishment project becomes available there are likely to be several buyers in the queue.

LEJC

I was the seller of this type of property a few years ago, and after contacting a local agent we didnt even get as far as fully marketing it before a buyer was found from the list of contacts the agent already had....good price achieved too!

You need to get yourself registered with agents and be their minds when the enquiries come in....

chappers

LEJC wrote: »

You need to get yourself registered with agents and be their minds when the enquiries come in....

However in popular areas expect them to already have a list of developers who they deal with regularly and may be cash buyers from their own means.
As an unknown buyer you could be well down the pecking order and need to make a stronger offer to get their attention.

martinsurrey

fairy_lights wrote: »

What's a 'distressed' property?
One that's abandoned? In disrepair?

I've found a surprised one, does that count?