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morillo

Buying A Repo

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Low act or completely acceptable, whats the board's views?

Really don't like the idea of capitalising on anyone else's misfortune but have see a few recently that have tempted me.

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There is absolutely no problem with buying a repo in my eyes. They are usually former BTL properties or trophy houses from developers who got greedy during the boom years. Houses have to be lived in and the bank needs them off their books so it's a perfectly acceptable thing for someone to buy a repo. Often the former owners are happy to be rid of the property and the stress they faced before having it repossessed so dont feel bad about buying one. They arent always good value as explained in my previous posts until the repo company give in and reduce prices following lack of offers. You will need to prove you are in a position to proceed before even putting in an offer so if you aren't right now there's no point going after one.

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Low act or completely acceptable, whats the board's views?

Really don't like the idea of capitalising on anyone else's misfortune but have see a few recently that have tempted me.

If you don't someone less deserving will.

There is no ethical problem with buying a repo. There are all sorts of ethical problems with the political and economic structures that cause a large number of repos, but that has little to do with you.

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I had same feelings as you when we bought our repo place but once I got in and started the renovation I found mortgage statements under the floorboards (from the equivalent of Ocean finance!) along with CC statements etc showing that they could never ever have afforded the house.

Also once I got to know the neighbours I found out this was the 3rd (yes 3rd!) house they had had repossessed :o

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Low act or completely acceptable, whats the board's views?

Really don't like the idea of capitalising on anyone else's misfortune but have see a few recently that have tempted me.

I don't understand the question.

You have money to buy a place you can afford. Good for you.

Feel bad about it? Give your wealth away - that's what the government encourages.

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I don't understand the question.

You have money to buy a place you can afford. Good for you.

Feel bad about it? Give your wealth away - that's what the government encourages.

Haha, point taken!

I just wanted to see what other peoples views were i.e. are you likely to be socially ostracised? As said above houses need to be lived in, I guess will look at it differently now, value for money rather than gain at someone else's misfortune.

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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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