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Jack2

Repossessed Houses For Sale

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If repo's exist, where are they sold? There is the odd one appearing on rightmove locally, but I have occasionally seen them sell without so much as a board up, and not through auction, which puzzles me. Am I missing something? Surely the repossessed owner has an interest in seeing the best price obtained?

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How do you know they're a repo that's sold, if you haven't seen them advertised anywhere?

I see a few on RM, and a few suspects in the paper, along with a few definites (a small ad on the EAs page saying they have an offer, and any better offers should be submitted within a week).

However, I've been wondering similar about possibly non repos....

A few days ago, I looked on RM, and noticed a particular house was no longer there - so, for the first time in a very long time, I clicked the include sold properties button. To my surprise, there were houses there that I hadn't seen before. They're listed as sold, but the Mighty Bee indicates that their status hasn't ever been changed to sold - which means they went on to RM being listed as sold in the first place :blink:

This puzzles me, as 1) what's the point in advertising a sold property 2) How do they shift them so quickly if they're not advertising them?

I know and understand that some of them may go direct to potential buyers who have a good relationship with an EA, who knows what they're looking for, but surely if you were a seller, you'd want the best possible price, and if there was that much interest that quickly, you might think about hanging out for some other offers? (This goes against all my hopes as a fully paid up HPCer, but...)

Arnolds seem to be particularly adept at this technique:

Listed as sold on the 12th April (when it was added to RM), and the same house listed here up for sale on 28/3 then sold on the 5/04. So why relist it as sold? V odd...

Then there's this one already listed as sold when it was put on RM, as well as this one, and this one - admittedly all on with Arnolds, so maybe it's just them that go in for this tactic.

But still, a bit strange to my mind.....

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I've seen properties come onto Rightmove as sold. This is because the Estate Agent sold the property months & months ago - even a year ago - I've been monitoring the market daily for two years now (ya, geek I know) BUT can confirm categorically that Estate Agents are putting houses onto Rightmove as new entries when in fact they sold a long, long time ago. Obviously makes the market look encouraging to folk!! Just another one of bent Estate Agent tactics & I am talking big national EA's also

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They're creeping across different areas at the moment. They never say they are repos, but they're the ones with vacant possession and tape over any water or gas fitting, or with a sheet of A4 paper in a window, or with furniture and belongings piled up in the rooms...

However someone I know has just bought one, and there was nothing in the rightmove advert to give away that it was a repo.

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Thanks for the input. The "piece of paper in the window" hit a chord, as I had noticed exactly that in a west Norfolk house, which looked abandoned. Investigation found it on Rightmove with no photo and scant details. On inquiring to the agent he said it was sold. Yet there had been no board up (I drive past on my way to work) and the neighbours new nothing about a sale, and had not seen any viewings take place.

Any comments? I know what I think...

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Well, I wouldn't want to cast nasturtiums...

If it was a property you were genuinely interested in, then you could always pursue it a bit more. If it's sold, then I'm sure they would want to mark it as such on rightmove, and of course, as lots of people mention on the forum, the EAs are obliged to pass any offer on to the vendor.

If it's a repo, the bank has to be able to show that they've taken reasonable steps to make sure they got the best price for it. If you put a thread up in the main forum/did a thread search, you'll probably get some advice on how to find out who the owner/mortgage is with, which would give you an alternate avenue.

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If repo's exist, where are they sold? There is the odd one appearing on rightmove locally, but I have occasionally seen them sell without so much as a board up, and not through auction, which puzzles me. Am I missing something? Surely the repossessed owner has an interest in seeing the best price obtained?

Have a look at Allsop and Bernard Marcus.

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