How to locate repossessed properties for sale?

[mikeyw]

It would appear that repossesions are a good way to get a property under current market value however how would you find out about them ?

Is this information available to all of us or is it just for a secret sect

Is the purchase any different because it's a repo ie are lenders a bit more wary ?

TIA,
Mike.

[P.Pilcher]

Unlike the early 90's when lenders got a bad name by selling off repo's more cheaply than the original occupier could have done and thus saddling same with an unnecessarily high ongoing debt burden, lenders are now required to demonstrate that they have made every reasonable effort to dispose of the repossessed property for as near market price as possible. They tend to do this in two ways: Firstly the market value of a property can be established by putting it through an auction, secondly they engage an agent to dispose of the property by means of sealed bids. On the day that bits are stated to have been received, the bid envelopes are opened and the property offered to the highest bidder. Hence, you can obtain a repossessed property at an auction, or you can ask the local estate agents about them who may have some available on the sealed bid basis.
However when I bought a property by this means some years ago, I know I lost one or two before I was successful as certain purchasers were "better known" to these agents than was I. What the backhanders were and indeed if any existed I do not know, but eventually I obtained a repossessed property and knowing it was repossessed I bid below the established price. I obtained said property by totally fair means and it is still in my portfolio today, earning a good rental income.

I never had any trouble getting a BTL mortgage on the place which was a nice house in a good area.
P.P.

[kimhazzard]

I worked for a well known estate agent for a few years and this is what we did with a repo.

1st clue there will be a notice in the wndow of the property along the lines of - all goods to be removed by a certain date but a bit more professional that that.

2nd clue when people asked us why the vendor was selling we would say that the property is no longer in their hands as we were not allowed to tell them it was a repo even though the sign in the window gave it away.

3rd most repo's will go on a 7 day notice in the paper stating the agreed selling price however the repo company would accept higher bids untill the date of exchange because they want to get as much money for the property as possible. bad i know

These days repo's dont really go much cheaper we had one only 3 months ago and it went well over asking price. If you were to ask an agent to give you a call when one is available its very rare they would but some might.
Just keep your eyes and ears open and look carefully as the 7 day notices tend to blend in with everything else in the paper so people miss them.

[observer]

In my experience the days of the cheap reposession properties are pretty much over.
when a house is reposessed by the bank nowadays 2 independent surveys are carried out on the property to ascertain a an achievable market value this is then relayed to the estate agent who then tries to achieve the best value for the bank/former owner.
The bank must show they have tried to get the best/highest price for the property or they could be liable for the difference if they accept a cheaper offer. (this happens but is rare)
The bank will then deduct all costs of the repossesion and sale then any monies that are left will be forwarded to the former owner.

[WarwickGrad]

ive heard there are loads of repossesions going

does anyone know how i can go about getting to learn about them?

is it the bank managers that get them? do estate agents get many?

gracias bambinos...

[P.Pilcher]

Lenders are required to get the best price that they can for a reposession so as not to saddle their former borrower with any more additional debt than they have to. Accordingly, repos are disposed of at a property auction or by an established estate agent by the means of sealed bids. In these, the property is advertised and interested purchasers put their offers in writing in sealed envelopes. On the appropriate day, these offers are opened and the highest one gets the property.

To be honest, although I have won one of these, I have participated in a few and suspected a bit of hanky panky, but it was not worth trying to prove anything. I suspect that the winning bidder was a friend of the agent!

P.P.

[jeffrey]

ive heard there are loads of repossesions going

does anyone know how i can go about getting to learn about them?

is it the bank managers that get them? do estate agents get many?

gracias bambinos...
Some mortgagees (lenders) keep lists of repossessed properties pending offering for sale. Telephone UK branches to see if lists are available:
a. for collection from branches;
b. by post;
c. by e-mail; or
d. from website.

[davecook]

goldcrest bmv in broadstairs have been supplying me

[ebinezer]

It's not at all a difficult job. There are many brokers working for selling repossessed. So contact the right person to get a good deal. There are also investors and financiers for getting a repossessed property.

ebinezer
Auto Auctions (http://www.gov-auctions.org)

[Rodent1]

[quote=observer;21090]In my experience the days of the cheap reposession properties are pretty much over.
quote]

Are you pulling my plonker !:D

I have never seen so many .....................getting calls from EA's on a daily basis now ............

Have purchase several but now holding off .......as IMHO there will be a lot more to come .........

The Rodent