Comments on: Buying Repossessed Houses

By: Eddie

Eddie — Tue, 27 Apr 2010 18:50:25 +0000

I have just viewed a property that has been repossessed. When we went inside the previous owner has left numerous items behind, furniture, rcords and musical instruments, he has also left his car behind on the drive, it doesn’t appear to have been used.

The repossession company have told me that they have no intention of moving it and it will be up to the purchaser to get rid of it. I am a bit concerned about the legality of any prospective purchaser getting rid of these items. Where would we stand if the owner came back to claim the property and his car?

By: Neil

Neil — Mon, 19 Apr 2010 13:05:20 +0000

Tina,

The repo company are duty bound to obtain the best possible price for the property – so i would say that they are not honouring this duty…. bear in mind that the person who has been repossesed could potentially sue the repo company if they did not get the highest possible price, as it would leave them having to pay back more debt than would have been expected if they took your offer.

By: TINA

TINA — Thu, 04 Mar 2010 19:27:49 +0000

hi i have put an offer in for a property for the asking price and it as been declined, however they have accepted a lower offer from the first people whom viewed, are the repossion company allowed to do this.

By: Michael Simpson

Michael Simpson — Fri, 11 Dec 2009 18:08:02 +0000

I just found a terrific discussion on repossessed houses for sale:

http://forums.moneysavingexpert.com/showthread.html?t=396185

By: Housing Market Opportunities

Housing Market Opportunities — Wed, 28 Oct 2009 12:40:01 +0000

[...] PostsBuying Repossessed HousesRepossession and Credit RatingFast Reposessions May Help Housing MarketHouse Repossession AdviceThe [...]

By: Andre

Andre — Sat, 17 Oct 2009 15:40:24 +0000

If anyone is interested I have found a great site for buying repossessed properties: propertyearth.net. They seem to be sourced directly from the bank and the site is free to use (no ridiculous finder’s fee). The site is quite new but the number of availble properties is growing every week. Worth a look.

By: House Repossessions Set to Rise?

House Repossessions Set to Rise? — Thu, 24 Sep 2009 12:14:38 +0000

[...] you want to make the credit crunch work for you, take a look at our advice for buying a repossessed house. addthis_url = ‘http://houserepossession.co.uk/articles/property-prices-fall-again.html’; [...]

By: Sarah A

Sarah A — Mon, 21 Sep 2009 19:33:49 +0000

Hiya, can you please tell me if theres any way knowing how you find out how much the actual price a repossession house owes to the bank before the market price please?

By: PeterM

PeterM — Mon, 14 Sep 2009 14:55:04 +0000

A word of caution -

I’ve found that reposessed houses are often put on the market for significantly below what they expect to achieve.

Also, as noted above, there is a very high chance of being gazumped. I have twice had my offer accepted before the vendor has pulled out in favour of a higher bid. And they don’t care how far on you are with the sale!

By: Peter Simons

Peter Simons — Sat, 08 Aug 2009 16:29:28 +0000

Hi Emma,

Here are some of the upcoming house auctions in the UK:

http://www.repossessedhousesforsale.co.uk/forthcoming_auctions.asp

If you want iformation on all UK auctions, you need to subscribe, prices start at £1 a week:

http://www.repossessedhousesforsale.co.uk/sub_pay.htm

Repossessed homes are normally sold at auction, because of the state of the economy it is likely than many homes at the auctions will be repossessed.