Repossessed Property

58 properties are repossessed every day, or one every 25 mins 2 seconds!

The Money Charity – February 2015

Looking for Property Bargains?
Repossessed homes offer some of the best real estate deals around

repossessed property for sale in Wales

It is a sad fact of life that the recession brrought more and more repossessed properties on the market and the number of distressed sale properties in on the up. Banks are foreclosing on more and more properties and the better the price that can be achieved, the more of the debt the borrower pays off, so obviously it is in his interest to get as high a price for his property as possible. However banks and building societies are not personally involved and as long as they cover the cost of the outstanding loan, they will let a property go at a great price.

You can buy repossessed or distressed sale homes for up to 30% off the current market price. If you are prepared to spend the time on it, both in terms of doing your research on what is available and also doing alll the necessary repairs and refurbishment, repossessed homes offer some of the best buys around.

The types of properties that are repossessed:-

  • Home owners defaulting on their mortgage payments
  • Buy to let where the market has collapsed
  • Death forcing a quick cheap sale
  • Divorce forcing the marital home to be sold quickly

Repossessions – why are they so cheap?

Banks and building societies have to sell to cover the loan. They are not interested in getting as much as possible for the property or waiting until the right offer comes along. They just “want shot” of the debt. That is why repossessed homes are usually a bargain – as much as 10% to 40% less the the actual market value.

One of the great advanatges to buying at a property auction is that there is no chain. This makes the process quick and straightforward. If you can manage a quick turnaround and renovate a property in a few weeks or months then buying at auction gives you the opportunity to make a good short term property investment.