Repossession listings

MissMoneypenny

Jonbvn wrote: »

Thanks for that!

In the recent (5 Dec) auction, I noticed there was a property in Manchester selling for 120k,

I watched that auction online, and many failed to reached their reserve. I was shocked by how cheap those that did sell, went for, such as, 2 up 2 down in Lincolnshire for 50k, and a character 2 bed semi in Bexhill on Sea for £122K.

There was a time, not so long ago, where house at auction went for a much higher price than their selling price guide, now many seem to struggle to make their reserve.

KITCHEN1_2

Miss M,
What you are remarking on is just how significant it is to be selling in a buyers market. Common mistake for property investment is to outstay the party ,because when prices slip then they can slip a long way for forced sellers who make up most of the transactions that take place at auctions.

KellsBells

ManAtHome wrote: »

Don't they have to advertise in the local papers - something like "we have received an offer of £xxx, contact us if you wish to offer more in the next x days"?

Remember seeing quite a lot of them in the early 90s.

I work in repossessions, so feel I can answer this one!! Public notices do have to be placed in the paper but only once a sale has been agreed. This would be a fairly late stage to start viewing and considering an offer.

Repossessions are very rarely automatically sold to third party companies to sell on. The vast majority are sold vis private treaty through an estate agent. Should private treaty fail, they would normally be placed into auction to effect a quick sale. Auctions in use would be Allsop, Andrews Robertson, Halifax, Barnard Marcus, Harman Healys etc etc. Estate agents are asked not to disclose that a property is a repossession for fear of putting viewers off. However, if you explain to an estate agent that you are particularly interested in buying repossessions, I'm sure they'd be happy to let you know if they have any, or if they are due to attend any evictions.

Good luck!

clutton_2

the name of folks being summonsed to appear in local county courts for reposession used to be publihsed on the website for each court. they were withdrawn about a month back

Zygote_2

I tried that site -it's called Mortgage BTL and it smells like a con- I registered in order to access the advertised repossessions list and admitedly that was free , after negotiating all the entreaties to sign up for a mortgage- I got to the repossessions list and it is 7 months out of date. i.e the last one is from May 2009. I doubt those properties will still be around. Now they've got my email and there doesn't seem to be an opt out of messages button