General (main property discussion here) - Re-Possessions

Can anyone tell me how I would go about finding out where and when a re-posseion might be taking place.

Thanks

Dave Mob: 07740 443473

Many properties in auctions are repossessions. A search on the net, and you'll soon start finding the main auction companies. If you want to target an area, keep in regular touch with agents, as some come back onto the market this way. My recent experience in either case is that these properties are not the bargains they may once have been!

Andy,

Words of wisdom indeed!

The repossessions market is now full of sharks: both internal to auction houses and also the majority of estate agents (I might add that this is not policy, but just the greed of individual players doing under the table deals).

There was a time when repossessions were an excellent way to enter the rental market, now I would think twice before parting with my money: unless of course I was getting a very good BMV deal.

Regards, Malik

malik,

can you recommend any firms in london?

tom

Hi Tom,

I dont know London well at all, so I couldnt give any recommendations, sorry. I have however left a message for one of my old friends who may be able to offer an opinion. I'll let you know as soon as he contacts me.

Regards, Malik

Hi,

My mother who works for Bryant Homes has just told me her solicitor is dealing with 12 repossessions a week in Manchester alone. It seems like many people who have entered the property market have not done so with any knowledge and forethought and expected to make a fast buck!!

As you probably well know, there are literally hundreds of new flats in Manchester and they are just sat empty as they can't rent or sell, so people are forking out for their mortgages which was intended to be covered by the rent!

She is keeping an eye out for any deals, but as you say, when do we get to hear about the real deals or the deals passed on by estate agents or auctioneers....its a tricky one!!

Cheers

Simon

Simon,

I have completed on 4 re-possessions this year, all sourced through one estate agent I have a superb relationship with.They give me a call first when they are instructed with a repossession only because they know that if I offer on it I will complete within 4 weeks and will not back out of deal.Good for them because they are moving these deals extremely quickly, good for me as I pick them up well below market value. I put alot of value in relationships with E.A and work hard to ensure all of my deals go through without any hitches.

Andy

andy,

out of interest where are you buying? i would love to get into these kind of deals.

thanks,

tom

Tom,

We buy in the North East, Mainly Washington & Hartlepool.

Andy

Andy,

It would seem you have found and excellent E.A. from what you’re saying your E.A is being truthful and you are therefore both in a win-win. I wish that I could say the same for the majority of the E.A's in Midlands...

I agree with your general principal of founding and nurturing relationship for everyone’s benefit. Sadly, no matter how rapidly one can turnover a property (even as a cash buyer) I have found few if any straightforward E.A's.

It would be interesting to take a general census of investors trust levels in E.A's around the country...

Regards, Malik

Malik,

I would generally agree with you with regard to EA, In the areas we work in I would trust 1 out of 5 EA in one town, and 2 out of 7 in another town . 3 out of 12 trustworthy EA, 25%. On the flip side how many EA would trust investors, I know an awful lot will put in offers and never complete for various reasons. I suppose it is a two way street.

Andy