Where to find repossessed flats for sale in London?

master_ian

Been a while since I've been on this site...the 2 bed flat in Upton Park myself and my sister were due to buy has just fallen through and it' back to square one...Instead of scrawling through rightmove and findaproperty we wanted to also explore repossessed flats made available.Where can we get info on these?Budget: £175K (2 bed) for BTLDeposit: 15%Area looking at: east London (westham, upton Park, Forest gate, canning Town, etc)Any EA's who cover these areas feel free to get in touch!!!

lynzpower

Cripes, Ian

How come it fell through??

cattie

Most repossessions are sold in the normal way through estate agents, so be registered with all the ea's in the areas you're interested in.

Also keep an eye out in local papers for ea's advertising that offer accepted on repossessed property & inviting higher offers, usually need to be done within 7/14 days though so you need to move quickly.

Some repossessions might go to auction, but these often have drawbacks of some sort that make them difficult to sell in the normal way, ie, defective or short lease.

master_ian

Cheers cattie, Hey Lynz, how ya doin? Got any flats to sell??? ;-)The flat itself was brilliant, but had lots of complications. The Freeholder of the building had gone AWOL for the last few years and therefore the outside area was very poorly kept and neglected. There was an old, unsafe wooden entrance to the building, which would cost a few grand to sort out, and our 'private' car park was anything but. It was facing the back of a fast food shop which had delivery vans coming in and out of the high st and blocking the residents cars. A bit of a management nightmare really (or lack of!) Did I also mention the flat is above commercial premises?Also, the valuation came back at £165K but after a week of our lenders 'negotiating' with the survey and underwriter, they managed it get it back up to the agreed price of £174500. Is this normal? Seems like the lender will do anything for a sale...Anyway, we renegotiated to £167K as this is what we were prepared to pay for it taken everything into consideration, (including the yield figures). The vendor didnt budge and now he wants to rent it out himself! I dont feel too bad, but it been 2 months and £600 for the survey...but just goes to show, keep on looking if you're not sure.There's lots of flats out there...why rush buying something you not 100% happy with? How are you anyway!

lynzpower

Yeah Im great thanks.

Shame, it was a quality flat tho, grreat location etc. But those management issues are a nightmare.

Why dont you think about auctions? SOmeone put some details up on here the other day, there was a barnard marcus auction where a new build flat in woolwich (ok, not the greatest) went for around the 80k mark at auction.

Id be tempted to look around and see whats going at auction, although of course you wont have access to these freeohlder issues befroehand which is a bit of a problem...

IM in commercial property now ( not selling tho) so cant help on that score.

Sos I really thought this one would work out ofr you, you obviously hve put a lot of thought into it, so at least you know you ae making good decisions

budget_counsellor_shaz

lynzpower wrote: »

Why dont you think about auctions? SOmeone put some details up on here the other day, there was a barnard marcus auction where a new build flat in woolwich (ok, not the greatest) went for around the 80k mark at auction.

Id be tempted to look around and see whats going at auction, although of course you wont have access to these freeohlder issues befroehand which is a bit of a problem...

Hi,

Was this the details you were looking for?

http://forums.moneysavingexpert.com/showthread.html?t=563930

I posted these details of auctions yesterday.

I hope this helps

Shaz

SquatNow

Bargains can be obtained at auction but generally you'll need to be a cash buyer at auction. This is deliberate to hold up house prices by preventing norms from buying at auction... only rich investors are allowed to buy at auction.

The reason you'll need cash is that few morgage companies will offer you a morgage on a property you haven't chosen yet. They'll offer you a mortgage guaranty, but they'll want to inspect the property before finalising everything. This means you'll be going to an auction and buying without being sure the bank will give you the money... you would still be liable if you bought and the bank wouldn't pay.

Estate agents like it this way. If any old grunt could buy at auction there would be no need for estate agents anymore.

BobProperty

SquatNow wrote: »

Bargains can be obtained at auction but generally you'll need to be a cash buyer at auction. This is deliberate to hold up house prices by preventing norms from buying at auction... only rich investors are allowed to buy at auction.

Having sold and bought at auction with a mortgage I must be a "rich investor".

SquatNow wrote: »

....If any old grunt could buy at auction there would be no need for estate agents anymore.

Yeah, right, nothing to do with getting a sale at a defined point in time for whatever price the market gives you. Also, of course, there are no estate agents that are auctioneers in SquatNowWorld.