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SarahBell

Loads Of On Behalf Of Mortgagees And Receivors

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Seeing loads of that in my area on Rightmove! Starts with:

PUBLIC NOTICE: We are acting on behalf of [insert tossees or tossers] and are in possession of an offer...blah blah

It's usually to do with offers that are lower than the asking price! Have seen these "Public Notices" being done for mortgagees and also for bank repo'd properties. The repos are usually the pwopertees with just one photo of the outside and nothing else OR photos of the inside with crime scene like masking tape over the bog, sinks and bath!

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Seeing loads of that in my area on Rightmove! Starts with:

PUBLIC NOTICE: We are acting on behalf of [insert tossees or tossers] and are in possession of an offer...blah blah

It's usually to do with offers that are lower than the asking price! Have seen these "Public Notices" being done for mortgagees and also for bank repo'd properties. The repos are usually the pwopertees with just one photo of the outside and nothing else OR photos of the inside with crime scene like masking tape over the bog, sinks and bath!

Anything with a public notice is a repo. They are required by law to advertise the offer received for a minimum of 1 week. Although it will normally stay there until exchange.

I'm seeing a lot of repos too. Saw one yesterday £10k lower than it was bought for in 2003. :) also seeing quite a few without offers yet, the ones with the tape over the utilities and all the stuff of value removed. Definitely seen an increase in them over the last 3 to 6 months.

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"Mortgagee" means the lender of the mortgage.

"On behalf of mortgagee" means the property has been re/possessed.

"On behalf of receiver" normally means the property's ex "owner" has become bankrupt.

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Ive seen a huge increase of repos in the last three months in my rightmove search area, and there was quite a lot before :) ,I am beginning to think that SMI was a much bigger prop to the housing market than I first thought,either that or the banks are more willing to repo .

And it looks like there is a increase of BTL repos to ,and they have not had the housing benefit cuts yet,methinks things could start to get interesting in the next 6-12 months :)

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Ive seen a huge increase of repos in the last three months in my rightmove search area, and there was quite a lot before :) ,I am beginning to think that SMI was a much bigger prop to the housing market than I first thought,either that or the banks are more willing to repo .

And it looks like there is a increase of BTL repos to ,and they have not had the housing benefit cuts yet,methinks things could start to get interesting in the next 6-12 months :)

Repo'd half renovated houses (interiors) appear to be on the increase in my search area. Its as if the speculators dropped everything and then did a runner!

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"Mortgagee" means the lender of the mortgage.

"On behalf of mortgagee" means the property has been re/possessed.

"On behalf of receiver" normally means the property's ex "owner" has become bankrupt.

Thanks...I wasn't aware of that! :D

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Mate of a mate bought a repo numerous years ago. Was very happy with it. A month after moving in, he came home and found all his possessions of any worth had been stolen. IIRC there was no sign of forced entry, so getting the police involved and insurance was a major headache. He remains convinved that the previous owners kept a front door key, let themsleves in when no-one was around, and helped themselves to the belongings of whoever had benefitted from their earlier misfortune. Moral of the story - if you buy a repo, get a new lock on the door asap!

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Went to see one yesterday that was going to go to repo but she as making a last effort to sell it. Felt sorry for her but they had it on at the same price as she got it for in Nov 2007.

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Thanks for that, seems a BTL portfolio or two in Blackpool is up for sale.

Used to live there, so I just flipped onto Rightmove to see what's changed.

Er, virtually nothing.

All the same houses that were for sale back in c. 2007 are still for sale at much the same prices, some a bit reduced, some very much reduced.

Relatives have sold after about 2 years - started at 209k and sold for 187.5k. (Giggles at the comparables in the same estate on for 200k+ still)

The picture at the lower end of the market - possible BTL - is far from rosy for the vendors.

Just a few such examples - while these streets aren't really what I'd call affluent they're in the nicer North Shore area.

http://www.rightmove.co.uk/property-for-sale/property-34670561.html

http://www.rightmove.co.uk/property-for-sale/property-31169149.html

http://www.rightmove.co.uk/property-for-sale/property-34632125.html

Wonder how many like this were bought for BTL, maybe let for a year or so, tenants running into issues with payments, many old properties in a poor state of internal decor with just a gloss over to get them let out, but spookily enough without a real facelift and upgrade nobody is interested in buying them for much money and certainly not for what was paid for them.

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Mate of a mate bought a repo numerous years ago. Was very happy with it. A month after moving in, he came home and found all his possessions of any worth had been stolen. IIRC there was no sign of forced entry, so getting the police involved and insurance was a major headache. He remains convinved that the previous owners kept a front door key, let themsleves in when no-one was around, and helped themselves to the belongings of whoever had benefitted from their earlier misfortune. Moral of the story - if you buy a repo, get a new lock on the door asap!

Moral of the story, if you buy ANY house, get a new front door lock ASAP. Why on earth would you not do that? You've absolutely no idea who has keys to the front door otherwise.

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Used to live there, so I just flipped onto Rightmove to see what's changed.

Er, virtually nothing.

All the same houses that were for sale back in c. 2007 are still for sale at much the same prices, some a bit reduced, some very much reduced.

Welcome to the Zombie repo portfolio. Selling means an admission that the book value is wrong, triggering a writedown. Something has to give.

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Repo'd half renovated houses (interiors) appear to be on the increase in my search area. Its as if the speculators dropped everything and then did a runner!

I've seen repoed houses with Boiler/radiators/fireplaces ripped out and sold + everything stripped back to floorboards etc

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http://www.theauctio...s/SummaryOfLots

So On behalf of Mortgagees = domestic owned?

receivors = BTL?

13 and 22

so 35 out of about 70 ish

Will be interesting to see how many sell

The first one. It caught my eye in a document I was reading a few nights ago. It's in one of my preferred buying areas but not at over £150,000. I was looking at the police.co.uk website a couple of nights ago and the crime hints it give you. Can't remember what I was looking for but afterwards I did another search on something police related and read a PDF document. I was thinking maybe it's been used as a safe house, seized off a criminal, or just for putting up new senior officers to the area until they find a place to rent or buy.

GREATER MANCHESTER POLICE AUTHORITY

REPORT OF THE CHIEF CONSTABLE

TO THE VALUE FOR MONEY COMMITTEE

14 JULY 2011

Amongst other properties.

The following details set out the current position in relation to disposals

24 Glastonbury Avenue Cheadle Hulme. Occupier vacated 27/5/11. Legal to register title then auction sale – proposed 8th September auction.

PDF link http://meetings.gmpa...PDF.aspx?ID=776

Edit as originally quoted wrong person.

Edited by Venger

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The first one. It caught my eye in a document I was reading a few nights ago. It's in one of my preferred buying areas but not at over £150,000.

Having now seen an exterior photo of the house in the auction catalogue, I see it's one of the uglier properties within that buying area I had in mind. Not appealing to me at all and definitely not at £150,000. Nor at £100,000. Don't want a house covered in pebbledash or whatever you call it.

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Mate of a mate bought a repo numerous years ago. Was very happy with it. A month after moving in, he came home and found all his possessions of any worth had been stolen. IIRC there was no sign of forced entry, so getting the police involved and insurance was a major headache. He remains convinved that the previous owners kept a front door key, let themsleves in when no-one was around, and helped themselves to the belongings of whoever had benefitted from their earlier misfortune. Moral of the story - if you buy a repo, get a new lock on the door asap!

In a repo would have thought the locks would have been changed as a matter of course. More likely they had a "secret" way in.

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This one has had an offer for a more than reasonable £121,000 for what seems like months and months.

FFS, seems like the bank isn't exactly in a rush to complete quickly - holding out for a higher offer perhaps? :unsure: If I had made an offer on a repo, I would be soooo impatient. :angry:

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"On behalf of receiver" normally means the property's ex "owner" has become bankrupt.

Yep

and a lot of these cases it will be the BTL brigade as most are rental property.

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In a repo would have thought the locks would have been changed as a matter of course. More likely they had a "secret" way in.

...a row of terrace houses had interconnecting roof spaces......some kids travelled through the roof spaces and down through the loft hatch of the house up the street..... :o

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Definitely seen an increase in them over the last 3 to 6 months.

same here in Leeds - seen it happening in nice residential areas not just BL areas like in 2007

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looks like they've had mortgage trouble.imagine that,a bank selling a repo and then not lending on it.can't be barclays.

suggests it is still too soon then...

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The banks are clearing the decks as fast as they can before they lose even more money - they have been carrying losers for years now to massage their figures - now they stand to lose even more if they don't act.

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