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Mancghirl

How To Spot A Repo?

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Am just having a sunday afternoon perusal of Rightmove & ESPC, trying to work out whether a possible work relocation is viable.

Noticing many properties advertised with 'no onward chain' clearly stated. Some 'by order of mortgagees in possession'. One with a repo notice clearly taped to the front window. :o

However, am seeing LOADS with the kitchen appliances and bathroom fittings all taped up with red & white tape. Not just newbuilds. Can anyone in the know advise me whether this is something that happens when a house is repo'd?

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Am just having a sunday afternoon perusal of Rightmove & ESPC, trying to work out whether a possible work relocation is viable.

Noticing many properties advertised with 'no onward chain' clearly stated. Some 'by order of mortgagees in possession'. One with a repo notice clearly taped to the front window. :o

However, am seeing LOADS with the kitchen appliances and bathroom fittings all taped up with red & white tape. Not just newbuilds. Can anyone in the know advise me whether this is something that happens when a house is repo'd?

Yes when the house is ropoed they put this tape across all sinks , baths, showers and quite often but not always appliances.

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Am just having a sunday afternoon perusal of Rightmove & ESPC, trying to work out whether a possible work relocation is viable.

Noticing many properties advertised with 'no onward chain' clearly stated. Some 'by order of mortgagees in possession'. One with a repo notice clearly taped to the front window. :o

However, am seeing LOADS with the kitchen appliances and bathroom fittings all taped up with red & white tape. Not just newbuilds. Can anyone in the know advise me whether this is something that happens when a house is repo'd?

I'm not sure but I guess it's because they have the water supply disconnected.

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Am just having a sunday afternoon perusal of Rightmove & ESPC, trying to work out whether a possible work relocation is viable.

Noticing many properties advertised with 'no onward chain' clearly stated. Some 'by order of mortgagees in possession'. One with a repo notice clearly taped to the front window. :o

However, am seeing LOADS with the kitchen appliances and bathroom fittings all taped up with red & white tape. Not just newbuilds. Can anyone in the know advise me whether this is something that happens when a house is repo'd?

I've seen the quite a bit too. I'd quite like to know the answer to. Maybe because the services have been shut off?

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Am just having a sunday afternoon perusal of Rightmove & ESPC, trying to work out whether a possible work relocation is viable.

Noticing many properties advertised with 'no onward chain' clearly stated. Some 'by order of mortgagees in possession'. One with a repo notice clearly taped to the front window. :o

However, am seeing LOADS with the kitchen appliances and bathroom fittings all taped up with red & white tape. Not just newbuilds. Can anyone in the know advise me whether this is something that happens when a house is repo'd?

Yes, this is what happens with a repo

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Thanks folks. That's useful.

On a quick shufty of Rightmove, there are a shit load of houses getting repossessed, then.

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Thanks folks. That's useful.

On a quick shufty of Rightmove, there are a shit load of houses getting repossessed, then.

I've seen very few down here recently. What area are you looking in?

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I've seen very few down here recently. What area are you looking in?

Mostly north west england.

Lots of newbuild repos in Scotland, but that has been the case for quite some time.

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Thanks folks. That's useful.

On a quick shufty of Rightmove, there are a shit load of houses getting repossessed, then.

About 50% of the houses I like state "No onward chain". But when I check them on properybee the price hasnt moved for months, sometimes years. I assumed it was perhaps people moving abroad, but if so there's an awful lot of people trying to get out!!!!!

Wouldnt repos drop to get rid of is quick, or do banks not want to start a trend of falling prices?

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About 50% of the houses I like state "No onward chain". But when I check them on properybee the price hasnt moved for months, sometimes years. I assumed it was perhaps people moving abroad, but if so there's an awful lot of people trying to get out!!!!!

Wouldnt repos drop to get rid of is quick, or do banks not want to start a trend of falling prices?

I always thought that the banks gave a certain amount of time on the open market before going to auction if it doesnt get an acceptable offer.

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About 50% of the houses I like state "No onward chain". But when I check them on properybee the price hasnt moved for months, sometimes years. I assumed it was perhaps people moving abroad, but if so there's an awful lot of people trying to get out!!!!!

Wouldnt repos drop to get rid of is quick, or do banks not want to start a trend of falling prices?

If no onward chain, then it it s mix of BTLers selling up, people selling to rent or move overseas, sales on behalf of estates of deceased owners and repossession.

The trick is working out which one it is.........

And no, banks don't want to collapse the market but there will come a tipping point where mortgagees in possession hold more property than they want to and cannot sell.

There's plenty of stuff going to auction after being on the open market and failing to sell there too. What happens next???? ;)

Edited by Mancghirl

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This exact thread was done a year ago. If you can brave the HPC search function you might be able to dig it out.

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"95% Mortgage Available On This Property."

WTF does THAT mean.....

mmm, I looked at a repo that had a similar offer, it was the Yorkshire (Bank or BS, cant remember which) that had repo'd and were offering a high LTV mortgage to the prospective purchaser, presumably to lure some hapless FTB who couldn't get a mortgage any other way and so acheive a better price for the repo than if it had to be sold to a cash buyer who would expect a sizeable discount.

Probably part of the strategy for avoiding having to mark to market that included shifting repos into shell companies.

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mmm, I looked at a repo that had a similar offer, it was the Yorkshire (Bank or BS, cant remember which) that had repo'd and were offering a high LTV mortgage to the prospective purchaser, presumably to lure some hapless FTB who couldn't get a mortgage any other way and so acheive a better price for the repo than if it had to be sold to a cash buyer who would expect a sizeable discount.

Probably part of the strategy for avoiding having to mark to market that included shifting repos into shell companies.

Maybe that is going to be the plan of the banks to get the repos sold. Only offer 80% loans apart from repos where they will offer 95% that would get the FTB's queuing up to buy the repos.

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"95% Mortgage Available On This Property."

WTF does THAT mean.....

Means we're confident we can con a surveyor into overvaluing it so you don't need much of a deposit...

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Google beats the HPC search function hands down. Copy and paste this into the Google search box:

site:http://www.housepricecrash.co.uk/ +tape +repo

How do Google index forums? I have had to write a couple of forums into apps I've written. The posts are all kept in a database - a table for threads and a table for posts - and a bit of code to stick them on the screen.

Google can't index the forums I have created - as I say, they are locked away in a secure database on a secure server.

How does Google index the forums here? Are they copied as text files and parked somewhere that Google can index them?

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If no onward chain, then it it s mix of BTLers selling up, people selling to rent or move overseas, sales on behalf of estates of deceased owners and repossession.

The trick is working out which one it is.........

ex BTLs very often have the cheapest old Ikea furniture, especially those wardrobes and chests of drawers with opaque white plastic fronts. Dead giveaway.

Probate/selling for care home fees also easy to pick out - interiors usually terribly dated, though maybe relatively clean and cared for.

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About 50% of the houses I like state "No onward chain". But when I check them on properybee the price hasnt moved for months, sometimes years. I assumed it was perhaps people moving abroad, but if so there's an awful lot of people trying to get out!!!!!

Wouldnt repos drop to get rid of is quick, or do banks not want to start a trend of falling prices?

A lot of people, if they can find a buyer are willing to move out once the sale is near completion, if they haven't found another to buy themselves. I've done it twice myself in the past, 1993 and 1997. Rent, stay with friends, etc. Chains need to be avoided as much as possible, unless you're in no hurry of course. ;)

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How do Google index forums? I have had to write a couple of forums into apps I've written. The posts are all kept in a database - a table for threads and a table for posts - and a bit of code to stick them on the screen.

Google can't index the forums I have created - as I say, they are locked away in a secure database on a secure server.

How does Google index the forums here? Are they copied as text files and parked somewhere that Google can index them?

Google has bots that just go round following the links on every page and stores the associated content plus URL in it's index. It has nothing to do with how secure the back end database is. If your website can be publicly accessed then Google's bots can find it.

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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