Get your hands on the freshest, most comprehensive repossessed houses for sale and below market value properties in the UK.
But where do you find them?
It’s all very well, isn’t it, being told that if you buy a repossessed property you’ll pay around 30% of its market value when what you really need to know is how to find these superb value properties.
The traditional way to find these houses was to visit property auction houses in your preferred area but, as with every other area of life, the internet has changed things a little! Having said that, by concentrating on only one resource you may miss out on a really good bargain so it pays to spread your net widely. What follows is our guide to the top repossession property resources.
It’s a large topic that’s best dealt with across two or three posts. We’ll start with a look at traditional property auction houses. Before you start your search, however, it pays to have all your ducks in a row! Some of the major points have already been covered in the article on repossessed house auctions, however, it won’t hurt to reiterate them here:
- Go to an auction house to get a feel for what happens and how the auction process works. If you’ve never been to a property auction before your first visit can be a little intimidating – even though there’s nothing to be worried about. So get this first visit out of the way before you actually go to buy.
- You need virtually instant finance to buy a property sold at auction. On the day of the auction itself you will be expected to pay a deposit, which is usually set at 10%, and the balance of the finance is required within 28 days. Therefore, it is vital that you arrange your mortgage before attending the auction.
- Have the property surveyed before the date of the sale. A mortgage lender will insist on this anyway.
- To find out what properties are listed with the auctioneers in your area of interest you need to order their catalogue. Some auctioneers are purely local, whilst others deal with house sales nationwide – a quick phone call is all it takes to get the information you need!
The following auctioneers carry repossessions:
- Complete the ‘pre-flight’ checklist detailed above.
- Search the Allsop site, which lists completed auctions. This gives you a feel for what properties are going for ‘on the day.’
- Log into the suggested sites on a regular basis.
- If you see a property that fits your criteria, attend the auction on the day specified.
Next time: How to Use the Specialist Websites