Have you ever bought repossesed property? - HotUKDeals
We use cookie files to improve site functionality and personalisation. By continuing to use HotUKDeals, you accept our cookie and privacy policy.
Get the HotUKDeals app free at Google Play

Search Error

An error occurred when searching, please try again!

Login / Sign UpSubmit

Have you ever bought repossesed property?

£0.00 @
Just wondering, as there are so many about at the moment and the price is well below market value! Read More
zaro777 Avatar
7y, 11m agoPosted 7 years, 11 months ago
Just wondering, as there are so many about at the moment and the price is well below market value!
zaro777 Avatar
7y, 11m agoPosted 7 years, 11 months ago
Options

All Comments

(24) Jump to unreadPost a comment
Comments/page:
#1
This should be in misc.
#2
We bought our repossessed house 16 years ago. We got it for £30,000, £20,000 below the asking price and its now valued at £145,000. I only wish I could buy another!
#3
where do u buy them from?
#4
splatsplatsplat
where do u buy them from?


auctions most probably, my missus watches all those morning house programs on her days off.
#6
milewide;5107429
auctions most probably, my missus watches all those morning house programs on her days off.


Every time I see those programs the stupid buyers always pay over the value :?
#7
We wanted to buy a repo advertised at £180 so we thought oooh we will offer £160ish.However I went on mypropertyspy.com and typed in postcode and it was sold for £180 in 2005, so we knew they would not take any less.
Anyway, before we knew this we went to look at house from outside (sat across road in car) and the woman opened the window very fast and aggressively and then you could see her run away.We thought oh shiit she is going to get us LOL so, to cut a long story short if we had bought the house we would probably wake up one morning to find our cars smashed up.
Another repo we saw had urine and faeces everywhere and the kitchen had been smashed up!
#8
House prices may be cheaper, but it is infinitely more difficult to borrow.
If you have a substantial deposit, then it is a good time to buy.
banned#9
not sure i could get passed feeling sorry for the people that have maye just lost their home
#10
gemmyw
We wanted to buy a repo advertised at £180 so we thought oooh we will offer £160ish.However I went on mypropertyspy.com and typed in postcode and it was sold for £180 in 2005, so we knew they would not take any less.
Anyway, before we knew this we went to look at house from outside (sat across road in car) and the woman opened the window very fast and aggressively and then you could see her run away.We thought oh shiit she is going to get us LOL so, to cut a long story short if we had bought the house we would probably wake up one morning to find our cars smashed up.
Another repo we saw had urine and faeces everywhere and the kitchen had been smashed up!


Arent the banks looking to recover outstanding mortgage amount not the price it was sold for?
#11
The problem with buying a repossessed property can be the your credit rating. Even though it wasn't us that defaulted on the mortgage and other payments, as we were first time buyers we had to pay to get reconnected to the phone, gas and electric would only put us on pre-payment meters and getting any kind of credit always involved some kind of referral. It took 2 years to get things normal. We bought the house for £38k, other similar properties were on the market at £45k, but the previous owner had taken up carpets, removed the storage heaters and carried out other acts of vandalism. I'd say we saved about £5k overall.
#12
What I can gather from all this is that buying a reposessed house is not a fantastic idea, but the apartments in city centre seem to be a lot better priced as well as some of them never lived in! Also, i keep telling myself that it is not that bad when the property has been reposessed from a gready developer not a family unable to keep up mortgage payments :thinking:
#13
I been into looking for a house for past month and even though on news they say all the people losing their homes there are loads,I not seen any around where I want to buy.

I'm getting fed up with viewing,and some sellers are awkward about viewings too.
#14
Mum2Connor&Cerys
I been into looking for a house for past month and even though on news they say all the people losing their homes there are loads,I not seen any around where I want to buy.

I'm getting fed up with viewing,and some sellers are awkward about viewings too.


I know!!! I have noticed that estate agents atitude lately stinks! They never send any details about new listings and arrange these crazy group viewings with another 15 people trying to squeeze into 2 bed apartment! :x
#15
zaro777
I know!!! I have noticed that estate agents atitude lately stinks! They never send any details about new listings and arrange these crazy group viewings with another 15 people trying to squeeze into 2 bed apartment! :x



We wanted to view 1 house and the estate agents said that the seller works till 4pm and we wouldn't be able to go and see it till after then. I'm doing most of the viewings in daytime,so seeing as I be going so late and with children in tow,I said well my partner might aswell come along after he finishes work. I said anyday this week at 6pm apart from Friday as we need go somewhere.
Anyway estate agents never got back to me to confirm what day,I didn't even know the house # either. Anyway I get a phonecall about 6.30 asking where are we,I said well we at home of course,noone got back to me.
I got 5 viewings to do Wednesday coming and want to add in 1 more.
House prices not really fallen here by much. If I see anywhere,I will be putting in an offer,if it don't get accepted,well too bad.If you don't ask you don't get.What I understand by like of some forums some sellers are not getting many viewers so all depends if they really desperate or if they really wanting to make a high profit or reasons them being in negative equity etc,again thats not my fault. I'm not in much of a hurry to move out,just rent here,not private rent either.
#16
Mum2Connor&Cerys
We wanted to view 1 house and the estate agents said that the seller works till 4pm and we wouldn't be able to go and see it till after then. I'm doing most of the viewings in daytime,so seeing as I be going so late and with children in tow,I said well my partner might aswell come along after he finishes work. I said anyday this week at 6pm apart from Friday as we need go somewhere.
Anyway estate agents never got back to me to confirm what day,I didn't even know the house # either. Anyway I get a phonecall about 6.30 asking where are we,I said well we at home of course,noone got back to me.
I got 5 viewings to do Wednesday coming and want to add in 1 more.
House prices not really fallen here by much. If I see anywhere,I will be putting in an offer,if it don't get accepted,well too bad.If you don't ask you don't get.What I understand by like of some forums some sellers are not getting many viewers so all depends if they really desperate or if they really wanting to make a high profit or reasons them being in negative equity etc,again thats not my fault. I'm not in much of a hurry to move out,just rent here,not private rent either.



I hope you have your mortgage approved or agreed at least in principle, as some of the estate agents wont even put you offer forward unless you prove that you are able to get a mortgage! Good luck!
#17
zaro777
I hope you have your mortgage approved or agreed at least in principle, as some of the estate agents wont even put you offer forward unless you prove that you are able to get a mortgage! Good luck!


I did that 1st,mortage promise,it's valid for 6mths or so,so we know what we allowed to offer as maximum.
#18
sassie
not sure i could get passed feeling sorry for the people that have maye just lost their home


Maybe youd feel better if I told you I was made homeless with my partner and son @ 2yrs old, made to stay in a rowdy pub for 6 months, then housed next to a drug dealer and asbo kids from hell. Our landlord died to make us homeless. I could have escaped it all, but because some twit of an estate agent told me back in year 2000 I could only get a 40,000 mortgage, just when houses were at 50,000 min. I could have easily afforded twice that.
#19
a good point made in one of the early post that sometimes utilities etc have been disconnected and you will have to pay to get them reconnected usally with a stupid fee also your credit rating could be effected by being linked to that address (but that can happen to anyone who rents or buys a house!)
Main thing is that quite often the mortgage company may remove items from the house ie kitchen to ensure the property is classed as unhabitable so they dont have to pay any council tax and other bills! so you need to view and make sure you know what you are getting!
banned#20
splatsplatsplat
Maybe youd feel better if I told you I was made homeless with my partner and son @ 2yrs old, made to stay in a rowdy pub for 6 months, then housed next to a drug dealer and asbo kids from hell. Our landlord died to make us homeless. I could have escaped it all, but because some twit of an estate agent told me back in year 2000 I could only get a 40,000 mortgage, just when houses were at 50,000 min. I could have easily afforded twice that.


not sure why you say that would make me feel better :?
#21
We have just bought a repossessed house, (moved in 8th April) we looked it it when it was on the open market but as we hadn't sold ours we couldn't put an offer in but someone else did and it was turned down as they sellers were holding out for the full asking price, 3 months later it was repossessed and we got it for 60k less than what we were willing to pay when it was on the open market.
#22
Even if the house has been repossessed from a family there is no reason why you shouldn't buy it.

You can't change what has happened to someone else and in the end the house is just bricks and mortar until you are living in it. Once it's yours its your responsibility to keep it that way.

I remember when we were buying our home in Florida it came down to a choice of two houses, both the same price in the same area even, one house however was considerably better than the other. However I wanted to buy the less attractive house as the other one, was a door number... I just didn't want. :P

Anyway, my eminently sensible husband decided to go ahead and buy the better house despite me saying it would never feel like home and I'd always feel unhappy there... And he was right too. There is nothing wrong with the house. It really is just a pile of bricks and rubble till you make it a home.

Don't worry about the house's history or the lives of the people who used to live there. Worry about it if it becomes a part of your future. x x x
#23
sassie
not sure why you say that would make me feel better :?


You said you feel sorry for the people who lost their home, what about the people who never got a chance to own a home in the first place, hundreds of thousands of people/families were made homeless before this recession through no fault of their own. I hear no sympathy for them.

Greed has caused this, the housing market should never have been allowed to increase at such a stupid pace.
banned#24
splatsplatsplat
You said you feel sorry for the people who lost their home, what about the people who never got a chance to own a home in the first place, hundreds of thousands of people/families were made homeless before this recession through no fault of their own. I hear no sympathy for them.

Greed has caused this, the housing market should never have been allowed to increase at such a stupid pace.


i feel sorry for lots of people but as this thread is about repossessions i felt it appropriate to post what i did, had it been about those who never got to get a home then i may have posted in that too :?

Post a Comment

You don't need an account to leave a comment. Just enter your email address. We'll keep it private.

...OR log in with your social account

...OR comment using your social account

Thanks for your comment! Keep it up!
We just need to have a quick look and it will be live soon.
The community is happy to hear your opinion! Keep contributing!