Repossesions. Where Are They For Sale?

[Pensive]

if more properties are being repossessed where do they sell?

Are they being kept off the open market to keep prices high and do they get offered to property companies?

I ask as the house next to my son was repossessed, its been boarded up and I haveen't seen it advertised.

by the way its been totally trashed by the locals who have done thousands of pounds of damage before they decided to board it

[FedupTeddiBear]

if more properties are being repossessed where do they sell?

Are they being kept off the open market to keep prices high and do they get offered to property companies?

I ask as the house next to my son was repossessed, its been boarded up and I haveen't seen it advertised.

by the way its been totally trashed by the locals who have done thousands of pounds of damage before they decided to board it

Good question, I've been wondering that myself.

I saw somewhere on another thread that all sales must be advertised, but that quite often, repos are advertised out of the area before being quietly auctioned off to (who?????). Although, I don't really understand why this would be done - you would thing that the bank would want the best price possible for the house.

A mystery that I would very much like to know the answer to.

[music man]

Good question, I've been wondering that myself.

I saw somewhere on another thread that all sales must be advertised, but that quite often, repos are advertised out of the area before being quietly auctioned off to (who?????). Although, I don't really understand why this would be done - you would thing that the bank would want the best price possible for the house.

A mystery that I would very much like to know the answer to.

You need to find and Honest EA (contradiction in terms I know).

The EA I spoke with in Thetford, Norfolk quoted me 8 repos in 3 weeks.

They'll be put for sale at above market value and then come down in price over time at predisposed time intervals from what I can gather.

I wish it were clear and open as well.

If anyone can give a better answer that this please do - many would like a one stop show for all of these houses.

[The Colour]

if more properties are being repossessed where do they sell?

Are they being kept off the open market to keep prices high and do they get offered to property companies?

I ask as the house next to my son was repossessed, its been boarded up and I haveen't seen it advertised.

by the way its been totally trashed by the locals who have done thousands of pounds of damage before they decided to board it

Many of them end up at auction too. Check out this PDF for a taster....

guides_and_viewings_April06.pdf

guides_and_viewings_April06.pdf

[waitingandsaving]

Music Man - might I ask which EA you spoke to? Did they just tell you there were 8 repos, or did he tell you which houses they were? Presumably htey would be more open to silly offers on these houses than on others? Any just outside of Thetford? ...

[Carabansity]

I bought a house at auction during the last recession. It was a repo by a bank that we first saw through a normal estate agent. EA really not interested in the sale, major chain WH Brown, house was on very edge of area they dealt with up for £30k. It was a nice house in a poor area but the price was about £8k too much. It was during the viewing we found out it was to be sold at auction if no buyer was found first. We also found out we were the only couple to view in months. We did all the surveys, etc and lucky for us at the time a friend agreed to loan us the money to buy at auction. We considered it a major gamble at the time and quite a terrifying experience.

In the end we were the only bidders and got the house for £15k.

The problem with buying at auction is that you have to have the money in place to buy as generally contracts exchanged and full payment made within 30days.

The latest Eddisons catalogue (download fron www.eddisons.co.uk) for the sale in Leeds in September has four or five repo's listed.

[Fancypants]

I bought a house at auction during the last recession. It was a repo by a bank that we first saw through a normal estate agent. EA really not interested in the sale, major chain WH Brown, house was on very edge of area they dealt with up for £30k. It was a nice house in a poor area but the price was about £8k too much. It was during the viewing we found out it was to be sold at auction if no buyer was found first. We also found out we were the only couple to view in months. We did all the surveys, etc and lucky for us at the time a friend agreed to loan us the money to buy at auction. We considered it a major gamble at the time and quite a terrifying experience.

In the end we were the only bidders and got the house for £15k.

The problem with buying at auction is that you have to have the money in place to buy as generally contracts exchanged and full payment made within 30days.

The latest Eddisons catalogue (download fron www.eddisons.co.uk) for the sale in Leeds in September has four or five repo's listed.

cool! Where/when was this?

[crash2006]

cool! Where/when was this?

i went to an auction yesterday it was packed.

[needle]

i went to an auction yesterday it was packed.

Thats because the pros know whats happening - and it aint happening at the EAs office.

Says something about the state of the market, doesnt it?

[sonixtorm]

if more properties are being repossessed where do they sell?

I caught sight an Allsop auction circular the other day which was boasting ~50 properties offered in behalf of Halifax

[adibrown]

I caught sight an Allsop auction circular the other day which was boasting ~50 properties offered in behalf of Halifax

Whats the point in buying properties now even if they are in auction, surely they will be expensive even at knockdown prices compared to what they will be in 2 years time

Surely a true professional will be looking to hold on to his money for at least a good 6-12 months. May be most of the people at these auctions are amateur BTL who have been watching too much "homes under the hammer"

[Designer1234]

Yes, good point. There seem to be a growing number of repos in the Newcastle area as discussed on this thread:

http://www.housepricecrash.co.uk/forum/ind...mp;#entry435217

and yet the auction is being held almost 300 miles away in London - Barnard Marcus auctions !

[Big AL]

if more properties are being repossessed where do they sell?

Are they being kept off the open market to keep prices high and do they get offered to property companies?

I ask as the house next to my son was repossessed, its been boarded up and I haveen't seen it advertised.

by the way its been totally trashed by the locals who have done thousands of pounds of damage before they decided to board it

Try www.repossessedhousesforsale.co.uk I subscribe to there email list.

[oracle]

You need to find and Honest EA (contradiction in terms I know).

not necessarily,you just have to network a bit now.

it's well worth doing,if you can get a tame EA,solicitor and surveyor on your side you can play the "I'll get this done in 28 days.....for a discount" card.

I suppose I'm lucky,I have 2 of those 3 as direct buddies,and the third(friend of a friend), I could probably arrange a few drinking sessions with to butter them up.I fully intend to use this approach when I buy.

[Fifth Element]

Hi

I run a property company and we work cloesely with banks, developers and investors across the UK. I have a list a reposession properties that are currently available throughout the UK. If you are interested please e-mail me at fifthelementinvestments@hotmail.com and I will forward the list onto you.

Kind regards,

Chris Hawthorne.

[50%deposit]

Try www.repossessedhousesforsale.co.uk I subscribe to there email list.

awesome

It is a sad fact, but there are still many repossessed houses for sale across the UK.

But the question is .... Where can you buy them?

lol

but you have to pay to register and presumably subscribe?

[red]

http://www.london-property-auctions.co.uk/

[Scott]

"Repossessions - where are they for sale?"

Well,there's on over the road from the house we're renting. Then another about 300 yards away. And another just half a mile away.

And they're only the ones I have seen whilst walking around the estate, I'm sure there are others!

[tim123]

awesome

lol

but you have to pay to register and presumably subscribe?

+1

ISTM that as they are required to get best price for these properties, they are duty bound to provide a way of finding out about them for free.

But, someone else obviously thinks differently.

tim

[Bearback]

www.eigroup.co.uk

[renterbob]

i went to an auction yesterday it was packed.

Packed with:

1. Fools.

2. Sellers praying it would go.

3. Buyers ready for one last gamble.

4. Evil ghosts laughing.

5. Latte's.

[6538]

Repo's are generally just sold in the normal way via an agent. They aren't usually advertised as repos but you can tell from the fact that all the services will have "do not use" notices on them.

[SarahBell]

A backstreet EA has some near here. They're exclused from their rightmove. Presumably as to not attract too much interest. dodgy? I think so.

But they're not a member of any association so who's interested?

The lower they go for - the lower they set the future house sales. Attention on a repo will potentially increase the price.

[campervanman]

Repo's are generally just sold in the normal way via an agent. They aren't usually advertised as repos but you can tell from the fact that all the services will have "do not use" notices on them.

You can usually tell from the pic on rightmove. The repo's normally have an A4 sized notice prominently placed usually in the front window. I suspect that decent repo's get snapped up by those "in the know"

[tim123]

Repo's are generally just sold in the normal way via an agent. They aren't usually advertised as repos but you can tell from the fact that all the services will have "do not use" notices on them.

This part I'm aware of.

The problem is that if you are prepared to look across a wide geographical area for a BMV property, they are next to impossible to identify in the middle of 4000 other properties.

tim