Buying a repossessed house

PandaPants_2

In todays market im thinking the only affordable option is trying to buy a repossessed house, if what i have heard is true. I have tried to find information online but i seem to come across websites that want me to pay subscription fees.

What i really want to know is if they are all auctioned off or sold through estate agents and is there somewhere they are advertised? I am totally clueless so ANY info is most welcome.

Thanks

Running_Horse

PandaPants wrote: »

In todays market im thinking the only affordable option is trying to buy a repossessed house

There are plenty of other options. The search function brought up the following discussion, and there are plenty more.

http://forums.moneysavingexpert.com/showthread.html?t=699743&highlight=repossed

Doozergirl

Repossessed house aren't necessarily cheaper than any other house. They mainly get advertised in EAs windows along with everything else - you can't always tell if they've been repossessed until you've viewed.

Repossessions do appear at auctions all over the place and there is the possibility of getting a good price, just like any auction, but there's also the possibility of overpaying or buying a complete lemon of a house.

PandaPants_2

Do you get to do a survey before an auction? And do you have to pay a certain lump sum on the day if you win??

Doozergirl

Yes, you'll need a survey, your solicitor to look over the legals, a mortgage offer in place really in order to be able to complete within 28 days, and you need a 10% deposit on the fall of the hammer.