Buying a Repossessed House in the UK
It’s a fact there are more and more repossessed houses for sale generally across the UK and many of those are available in the North West.
The problem is some mortgage companies often try to hide the fact they are selling repossessed houses as it could devalue the property and lead to a lower sale. In this case these houses are often known as ‘below market value houses’. This also means you need to know where to look and how to spot a repossession, and there are pitfalls you must avoid in this sense.
Mortgage companies will either choose to sell the properties in one of three ways…
When buyers know it’s a repossession it can generate a lot more interest and push up prices. This of course is all about the golden rules of supply and demand etc, so be prepared to play the game.
Even when you are quite happy to look closely at a purchase never take what you see on a first sighting. A second viewing is vital as you’ll probably pick up on things you obviously missed initially. When entering many repossessed properties it’s also important to keep a check on your emotions, as damage may have been deliberately done by the previous owners in response to the bailiffs.
It’s always best to get the best professional advice from people who have experience in the property sector as landlords and as experts in the investment field. Their knowledge honed over many years will be invaluable in ensuring you don’t make any costly mistakes.
Don’t be afraid to carry out in depth research and take the opportunity of acquiring what could be a really good long term investment. But remember, top professional advice is all important, as is patience.