Repo/BMV Estate Agents?

Pawsandmore

Are they specific Estate Agents who deal in repossessions/BMV (below market value) properties? I'll consider any area of the UK except Wales or Birmingham (personal reasons so don't slate me for that!)
Thank you in advance.

theartfullodger

I'd not trust them further than I could throw them, & I have a bad back.

BMV? In their dreams: the price they "offer" is not below market, but above what you could arrange yourself.

If someone had a sure-fire bargain at an amazing price they'd buy it themselves, not sell it to someone else!

A little sense and logic I 'umbly suggest.

davidmcn

In my (Scottish) experience, repossessions are generally sold by the usual local estate agents, never heard of a specialist agent.

AdrianC

davidmcn wrote: »

In my (Scottish) experience, repossessions are generally sold by the usual local estate agents, never heard of a specialist agent.

Indeed. After all, every vendor - even lenders - wants the best possible price. Going to some kind of 10%-off agent is not going to get them that.

eddddy

Pawsandmore wrote: »

Are they specific Estate Agents who deal in repossessions/BMV (below market value) properties? I'll consider any area of the UK except Wales or Birmingham (personal reasons so don't slate me for that!)
Thank you in advance.

You've been listening to too much hype.

Repossessions - Banks have a legal duty (and vested interest) to sell for the best price. So the banks don't go looking for specialist EAs who will sell the property cheap.


BMV - so who are these vendors who want to sell their properties 'below market value', and go to the lengths of searching out special EAs to do this? If you owned a property, is that what you'd do?

Alarae

Repossessions are sold by local agents, however you will often find that the asset manager will use their own agents to market initially, before taking on someone else as joint agent a few weeks later.

Via my last job (as an asset manager) I can advise that LSL group and Countrywide group are asset managers, and their repossessions are normally sold through their agents. Off the top of my head, LSL includes Your Move and maybe Barnard Marcus (Sequence Homes?) while Countrywide includes Gascoigne Pees, Samson & George, Hampton etc.

They would have to select agents who have a good presence in the local area and stats to support their market share. Often the larger agents get it, however sometimes an independent is drafted in if the area is rural and there are no 'group' agents around, or if the independent actually is the best in the area.

There isn't a way to actually find out about specific repossessions, as they aren't marketed as such. An easy way to identify one though is if a public notice has been put on the property listing stating what offer has been accepted and inviting higher offers. Other than that, it's probably quite difficult to pinpoint repossessions as an outsider unless you are specifically told.

Mossfarr

I have purchased two repossessions in the North West. There isn't a specialist agency as far as I am aware but you do learn what to look out for. I keep a very close eye on the local market so I know roughly what properties are selling for in the various areas. Repos tend to be priced slightly lower than you would expect for the area. They are always unoccupied and are sold with vacant possession. Check out the photos, often there is a 'notice' posted on the door or front window. The boiler and toilet are usually taped up. Gardens are often overgrown. If you find anything that you are interested in give the EA a call and ask if it is a 'distressed sale' - for some reason they seem to prefer this term rather than 'repossession'. They don't usually keep a separate list of repossessed properties but they will say if a property is a repossession if specifically asked. Get to know the local agents, build up a relationship with them and let them know that you are a comitted buyer in a position to move quickly. They will start to contact you directly when these properties hit their books.

betsy123_2

alarae

@alarae did you get my message?

CharlieJack

By the nature of the market there are a lot of, let's say, 'sharks' out there but there are plenty of websites that are auction based that help people who are under the pressure of potential repossession looking to sell their properties quickly in order to pay back their lender and are willing to drop the value by 10-15%.

repossessedhousesforsale.com is an online auction website that allows the seller to set a minimum needed price and have users bid to achieve the highest price. This way typically means better prices for the buyer and quick funds for the seller.

ukauctionlist.com/repossession-houses is an auction listing website that gives information on available auctions where properties of this nature can be found. Obviously with an auction, you are able to buy on the day so if you know what you are doing, you can pick up some great properties below market value.

They are out there, it just takes a bit of research and knowledge to make sure you don't over bid or get sucked into any 'guarantees'!!

(FYI - New user so can't post the actual links!!)

eddddy

CharlieJack wrote: »

By the nature of the market there are a lot of, let's say, 'sharks' out there but there are plenty of websites that are auction based that help people who are under the pressure of potential repossession looking to sell their properties quickly in order to pay back their lender and are willing to drop the value by 10-15%.

Are you connected with the 2 websites that you are recommending?

The first one doesn't seem to do what you suggest (auction properties), and the second seems to want you to pay them for details of properties coming up for auction with various auctioneers.

That information is available for free on Rightmove and from the auctioneers websites - so I'm not sure why anyone would want to pay for it.

Davesnave

CharlieJack wrote: »

Obviously with an auction, you are able to buy on the day so if you know what you are doing, you can pick up some great properties below market value.

Market value is surely whatever the property fetches at the time it's sold, so I don't see how one could buy below it.

I bought my property at a price somewhat below what I'd expected to pay, but my offer was the best price the seller could get. As they agreed to sell, that was its market value.