Repossessed Property

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Repossessed Property

It's a sad fact that repossession and the number of properties being repossessed are rapidly on the increase.

But how to find repossessed properties is becoming an increasing problem. In the old days it was fairly simple and was usually just stated on the property particulars. However, more recently the mortgage lenders have stopped revealing so readily if the properties they are selling are repossessions.

There is no central list of repossessed properties in the UK and your best bet for finding one is to try a number of avenues such as:

Estate agents
Property Auctions
Asking local mortgage lenders

A great majority of repossessed houses are sold on at auction and can often be a bargain. 90 per cent of the cheap property sold in the UK goes via auction.

At auction the buying process is completely different from buying through an estate agent as when your bid in an auction room is accepted, you are legally committed to the purchase. In effect, that final bid acceptance becomes the 'exchange of contracts' and you cannot pull out of the completion. It also means you cannot be gazumped, nor can the vendor pull out at the last minute. You must have the finances in place to go ahead with the completion in the timescale required, which is commonly 28 days. You must also have any deposit ready on the day of the sale - this might typically be 10 per cent of the purchase price.

When buying a repossessed property do bear in mind the following points:

A repossessed home may not be in the best condition if the owner was so short of cash that the property was neglected.
Some repossessions are poorly situated. Most people in financial trouble first try to sell their property themselves before the bank or building society forecloses on them, so ask yourself why the home did not sell before it became repossessed.

Home Repossession : information and advice on having your house repossessed and how to prevent it

Home Repossession >> Repossessed Property

Repossessed Property