Looking for Property Bargains?
Repossessed homes offer some of the best property deals around
It is a sad fact of life that the recession is bringing 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
- Homeowners defaulting on their mortgage payments
- New builds and appartments
- Buy to let where the market has collapsed
- Death forcing a quick cheap sale
- Divorce forcing the marital home to be sold quickly
Repossessed properties - 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.
Click on the "Featured Properties" link
to see our list of property for sale in Wales
If you have a property to sell, please click on the "Selling
Your Property" link to find details of how you can advertise
your property in Wales property for FREE
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