How do you go about purchasing a repossessed property. Do you have to find a auction site; which I believe deals with these, or can you approach an estate agents or bank/building society which may have repossessed the property and is now selling it on?
2007-08-23 04:06:22 · 7 answers · asked by LONE WOLF 1 in Home & Garden ➔ Other - Home & Garden
Generally they go to auction...they are not described as repossessions as the owner..generally a bank or building society wants as much money for the property as possible so there is no national register and an estate agent will not tell you if a property has been repossessed but in fairness if you go and physically look, it is not hard to find the ones that are, but you have to do the leg work
2007-08-23 04:11:06 · answer #1 · answered by Knownow't 7 · 0⤊ 0⤋
It is as Knownow't said, and the reason is that the bank or building society has by law to obtain not only as much as possible, but a fair market price, and auction is generally accepted by the courts as being a fair reflection. Don't forget that in most instances the property will fetch less than is owed, leaving the seller to chase the borrower for the difference. Since that is likely to be at best a long process, the lender is faced with a loss, and no-one likes losing money.
2007-08-23 11:17:24 · answer #2 · answered by Duffer 6 · 0⤊ 0⤋
I looked online. Found a County listing for repossession houses. Make sure you check all the paperwork for previous liens as you may end up responsible for them or back taxes. Some go to auction. I found that when looking at these homes, I was not allowed to have a Home Inspection done and all houses were "as is".
2007-08-23 12:19:11 · answer #3 · answered by sensible_man 7 · 0⤊ 0⤋
Some are for sale by the bank; they are generally ready to make a deal because their money is tied up. Also, realtors often have such a list. These properties do not always go through auctions.
Check the legal situation thoroughly.
2007-08-23 11:19:06 · answer #4 · answered by Nothingusefullearnedinschool 7 · 1⤊ 0⤋
I`m sure real estate agents are aware of any available properties & their history. Also, you could call local banks & ask. Plus, when people don`t pay their taxes, you can sometimes pick up properties very cheaply paying other peoples taxes.
2007-08-23 11:17:15 · answer #5 · answered by ropar 5 · 1⤊ 0⤋
Contact a realtor. My husband and I have purchased three repos and went through a realtor each time. Some of those auction websites are scams. Some make you pay membership fees. A realtor has a list of repos that you can check out, and they give them out for free.
2007-08-23 11:15:43 · answer #6 · answered by seeso 3 · 1⤊ 0⤋
www.propertyauctions.com, www.propertyauctionzone.com www.ukpad.com . these are some auction sites that have properties in their databases in uk u could try these.
2007-08-26 11:15:50 · answer #7 · answered by Anonymous · 0⤊ 0⤋