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exiges

Repossessed Property, Where To Enquire

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There's a property I've been taking an interest in recently, I was about to arrange a viewing when it disappeared from Rightmove.

I found out which agency it was being marketed through (RuralScene) and asked them what the deal is, and they said the "property has been removed from the market as it's been repossessed by the bank.."

So.. what now ? Where do I now make my enquiries.

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Wait for it to come back to the market. There will be some administrative work by the bank then it will most likely return with the same agent.

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Wait for it to come back to the market. There will be some administrative work by the bank then it will most likely return with the same agent.

Thanks for the reply, any ideas what timescale ?

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On a similar theme do estate agent by law have to reveal the highest offer on a repossession? A house I was interested in is a corporate repossession but the EA is refusing to tell me the offer they have received for it.

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Wait for it to come back to the market. There will be some administrative work by the bank then it will most likely return with the same agent.

..Unless it's sold to a 'mate' in the business for a pittance in the meantime, before coming back to market for a nice tasty profit for them.

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If you know the address then you can trace the lender through Land Registry. It will cost you £3 for a copy of the title but it will give you details on the charge(s) on the property the lender(s) and the value of the charge(s). You can then contact the lender direct.

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Thanks for the reply, any ideas what timescale ?

Best to ring the agent who was selling, they will know more.

Was talking to agent recently about repossessions in my area, he said he had one coming in a couple of weeks and was just waiting on a price.

The bank might sit on it and wait, but doubt it in the current market.

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If you know the address then you can trace the lender through Land Registry. It will cost you £3 for a copy of the title but it will give you details on the charge(s) on the property the lender(s) and the value of the charge(s). You can then contact the lender direct.

Thanks for that, I've done the search and got the Lloyds branch I can deal with.

I don't suppose there's anyway of knowing the size of the mortgage/debt on the property is there ? I guess that information is too private ?

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Thanks for that, I've done the search and got the Lloyds branch I can deal with.

I don't suppose there's anyway of knowing the size of the mortgage/debt on the property is there ? I guess that information is too private ?

How much they bought house for should be listed on title info.

Might mention if other people have charges too.

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How much they bought house for should be listed on title info.

Yeah, I have that, it's some £100k more than it was last up for sale at so I imagine there was a sizeable deposit, but it'd be interesting to know what the bank needs back.

Edited by exiges

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Thanks for that, I've done the search and got the Lloyds branch I can deal with.

I don't suppose there's anyway of knowing the size of the mortgage/debt on the property is there ? I guess that information is too private ?

You can't find that information from Land Registry. The only parties that know that information is the Bank the Lender and various credit scoring agencies.

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There's a property I've been taking an interest in recently, I was about to arrange a viewing when it disappeared from Rightmove.

I found out which agency it was being marketed through (RuralScene) and asked them what the deal is, and they said the "property has been removed from the market as it's been repossessed by the bank.."

So.. what now ? Where do I now make my enquiries.

I’ve followed a number of properties at auctions.

One example would be, A converted Barn, in a nice area, in Lincolnshire. [Valued at £350k at peak 2007 price.]

The house was a repossession, owned by a State Owned Bank, and I followed its progress as it went to auction on 4 seperate occasions over the course of a year.

Each time it received over ten bids. But never Attracted a higher bid than £110k.

At each of the 4 auctions, it did not meet the undisclosed reserve set by the bank. So each time it was withdrawn.

I found the last Estate Agent to represent the property. And called him.

The Estate Agent told me that the bank did not have to lower the reserve, as the taxpayer is bailing out the bank, therefore the reserve will be kept at stupidly high levels, until it is sold.

This occured over a year ago. And as far as I am aware the property is still sitting on the banks books.

The government complains about the “lack of housing” as a cause of the problem, yet they sit back and let the banks hold large amounts of the potential housing stock.

It should be illegal for foreclosed housing to have a reserve price.

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I’ve followed a number of properties at auctions.

One example would be, A converted Barn, in a nice area, in Lincolnshire. [Valued at £350k at peak 2007 price.]

The house was a repossession, owned by a State Owned Bank, and I followed its progress as it went to auction on 4 seperate occasions over the course of a year.

Each time it received over ten bids. But never Attracted a higher bid than £110k.

At each of the 4 auctions, it did not meet the undisclosed reserve set by the bank. So each time it was withdrawn.

I found the last Estate Agent to represent the property. And called him.

The Estate Agent told me that the bank did not have to lower the reserve, as the taxpayer is bailing out the bank, therefore the reserve will be kept at stupidly high levels, until it is sold.

This occured over a year ago. And as far as I am aware the property is still sitting on the banks books.

The government complains about the “lack of housing” as a cause of the problem, yet they sit back and let the banks hold large amounts of the potential housing stock.

It should be illegal for foreclosed housing to have a reserve price.

While the banks keep hold of properties at reserve prices nobody will pay they can keep generating fictitous bonuses on "profits" instead of writing down losses.

False accounting and fraud aided and abetted by our corrupt government.

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While the banks keep hold of properties at reserve prices nobody will pay they can keep generating fictitous bonuses on "profits" instead of writing down losses.

False accounting and fraud aided and abetted by our corrupt government.

This is widespread in the States, bankers are simply holding on to property which have either been repossessed or where the debtor has walked away. The fraud is, that rather than selling at the true market value they are reporting that original price that was paid, in say 2006 as the current value on the balance sheets, when clearly it is not.

I suspect that this practice is also occurring in the U.K

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  • 312 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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