Repossessed Property Buying: Quick Briefing Discussion

A question about : Repossessed Property Buying: Quick Briefing Discussion

Thanks, seems like all the properties I view these days are repo's..

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• Thanks, seems like all the properties I view these days are repo's..
• Be very aware that a repo is a sign that not much money would have been spent on maintenance in recent times.
  Check values carefully, a repo near me sold for more than a similar house in the same condition on the same road. "Repo" attracts more interest.
• There are quite a few for sale in the South/SE right now, I've called enquiring about two properties today listed on rightmove for just a few days and all have been under offer and proceeding - I suspect they were offered to people already on the books and only advertised as routine.
• Now that it has been promoted by the MSE site to go buy repo properties at up to 30% and with the massive following this site has, by promoting repo properties in such a focused way, means more demand for these kind of properties will now have been created as the MSE' ers flock to bid on them and it will no longer make it possible for anyone to buy at such a discounted rate, so where's the saving in that? You're more likely to get a better discount making offers through estate agents now.
• A property I have been looking at went to auction and didn't make the reserve price Ј62k. So was unsold. They now are accepting offers at the reserve.. could I go in lower? Its a repossession... so would the bank or whomever be happy to recover some money for it..? Thus make an offer 10k under?
• i have just read the article as i am looking at a reop property, as a newbie can anyone advise ast to the implications of this statement made in the article
  "While it’s easy to be squeamish, remember repossession doesn’t mean the end of the debt; any shortfall can still need repaying."
  does this mean that if i buy the property i could still have to pay out to someone who is owed money, say the bank for example? if this is true how can i find out if this is the case
• We've just been in the position of needing to sell a property that needed complete renovation after the death of a distant relative. The house was in a good area and we had 60 viewers in four weeks but ultimately we hope we have sold to a builder who could offer more but who we also knew would be able to complete a sale. We were sad that all along it was unlikely to go to a couple who could do it up and have a home for life - because the mortgagors would deem it unhabitable. There needs to be some sort of scoring system for people who do have the nouse and energy to do properties up. We did it ourselves twice when it was the only way of buying a property where we wanted to live.
  We knew there was about 40K profit in doing it up but it was too hard to manage from a distance.
  Don't be afraid of buying a property from a probate sale the relatives remaining need to move on with their lives and property hanging around only makes this harder
• Buying repo's IS hell - it's not as simple as everyone thinks - the seller won't transfer the deeds for 21 days, this means you'll have difficulty getting a mortgage. Have just backed out of one after spending almost two months and almost Ј4,000 on surveys and legal fees as the SELLER would not exchange contracts at the very last minute, they want to wait. My advice is don't bother - the hassle and the stress are not worth it.
• Friends were repo'd almost two years ago as they couldn't meet payments and their home is still for sale. Trouble is the mortgage co have failed to maintain the property particularly clearing drains and thus allowed it to flood. When they left it was a nice property. Now it needs major work and won't sell for the target price. Surely it's unfair if the owners have to pay back more money because the company failed to maintain the property and keep its value up to cover the loan?
• Guys, how do I get one of my sites to appear in the listings? I get a repossession list of properties from a variety of sources which is downloadable via PDF and all people have to do is register for free on a site I run, download it, use Rightmove to access the details, then make offers direct.
  I'm not posting a link for spam reasons and it's NOT the one on my profile. Please could someone from MSE PM me or email me to review my site?
  If it helps, I have been offering help here on the forums!!!
• This looks like it could be a good addition to the list of "The top repossession property sources" www. AuctionsCoUK.com
• the link is propertyearth.net
  not .co.uk!