Repossessions And Falling Prices

[prosto_zabrevi]

Greetings, I was out today looking at a repo house and the agent told me she is starting to see more repossessions come on to the market in North Wiltshire after a complete stoppage of them for a year. I was told they are being put on slowly and most planned for next year.

I asked about the market generally and was told that they are selling but the vendors are having to take big hits on asking prices to get sold. There is a lot hanging about that is just too expensive.

All good news from Wiltshire

[moesasji]

Greetings, I was out today looking at a repo house and the agent told me she is starting to see more repossessions come on to the market in North Wiltshire after a complete stoppage of them for a year. I was told they are being put on slowly and most planned for next year.

I

I've noticed the same in my almost daily search of Bristol and 20 miles surrounding it. All of a sudden I see decent houses coming up for auction, which hasn't been the case for a very long time. And these are real auctions, with the tape clearly visible on the toilets.

Every day probably one or two out of a list of ~160 properties. Examples that changed today:

1) http://www.rightmove.co.uk/property-for-sale/property-24765373.html

2) http://www.rightmove.co.uk/property-for-sale/property-16387794.html

These pictures tell enough.

ps) Also very little shows up as going SSTC in the last couple of weeks in this search...again a step-change.

Edited December 11, 2010 by moesasji

[Normski]

Good adecdotal.

I'm not too far from you, East Cotswolds. I've only seen a couple of repo sales though.

Our offer on one in Shipton last week ended when the original owner rocked up and paid off all original debts plus costs and fees!

He'd removed the fireplaces and log burners prior to leaving, plus all usual stuff.

A massive waste of everyones time.

EA said he'd never seen such a thing.

The date of exchange was only 2 weeks away when this happened.

I knew about the pitfalls, and potential extra cost and heartache of buying a repossessed property, but didn't see this coming!

What do you class as North Wiltshire? Cirencester?

[prosto_zabrevi]

This was in Devizes. I put in a suitably ridiculous offer and the EA seemed to take it seriously. I think the house will go to an investor as there are quite a number of them here buying up larger family homes.