Buying repossessed property in the UK
Buying a repossessed property in the UK can be simple. Firstly when a borrower falls into arrears with their mortgage and no solution can be found it is sometimes necessary for the lender to reposs...
Buying a repossessed property in the UK can be simple. Firstly when a borrower falls into arrears with their mortgage and no solution can be found it is sometimes necessary for the lender to repossess that property. When a lender repossesses a property they have a dual responsibility to act fairly towards the former owner and to seek a sale quickly, so that the arrears do not continue to rise. This certainly does not mean that lenders are likely to sell a property it half price, but it does mean that there are potential bargains to be had if you, as a purchaser are in a position to act quickly.
Although estate agents can and will tell you verbally that a property has been repossessed, the FCA deems that it is unfair to the previous owner to advertise the property as a repossession (because it may negatively affect the sales price). Repolist uses custom software to determine when properties for sale are repossessions.
If for example, the outstanding mortgage loan on a property is £100,000 and the property is deemed to be worth £120,000 the bank?s primary concern is securing the return of the principle sum of £100,000 as quickly as possible. The previous owner stands to lose some of his equity because the repossessed house is a distressed asset.
Repolist offers the largest real time catalogue of repossessed properties for sale in the UK. Whether you intend to invest in Birmingham, Manchester or London Repolist will save you time in identifying appropriate properties for investment efficiently and quickly.
- Full property details with all agent contact details
- Easy to use. Search like Rightmove or Zoopla
- Search alerts facility
- Catalogues properties requiring refurbishment
- 150+ Auction properties
- Land and development plots
- Cash only purchases
All properties that are sold because they are repossessed have to be advertised for sale at the full market price. These sales cannot be conducted in secret by the bank (in order to protect the previous owners interest). For this reason some of the best deals are hidden in plain sight. Repossessions will almost always be sold by an estate agent or through a respected auction house. If you have Repolist as part of your search armory you can quickly identify a list of repossessed properties for sale in the UK that fit the bill.
- Using search alerts saves time
- No need to wade through thousands of irrelevant properties
- No need to check lots of different auction sites
- Quickly find ?problem? properties with uplift potential
Currently subscription to Repolist costs £9.99+vat per calendar month. This is a rolling contract with no tie-ins.