where to find repossessed houses

deanoliveravfc1 · #1 (**permalink**) 22-11-2007, 11:39 PM

Bit of a longshot but does any one know where to find repossessed houses, i've looked on the net and they all want you to subscribe.anyone had any luck or done it before??

bonetti consultants · #2 (**permalink**) 12-12-2007, 10:12 PM

I wouldn’t bother, get in a good financial position and try your luck with some cheeky offers. Ask the agents if there are any properties within your price range that need to sell quickly.

Quality repos are a thing of the past; vendors owe so much money on the mortgage that the banks are after every penny out of the sale. Normally only 5-10% under normal value, then consider the condition of the property this may cost you that saving.

This is a quicker way of earning capital and a lot easier, buy-live-sell, rather than buy-renovate-stress-money-more stress–little bit more money–sell.

Good luck in your venture

TheSecret · #3 (**permalink**) 18-12-2007, 01:10 PM

I disagree bonetti, trying to get bargains through agents takes alot of time and rapport building with the agent.If you can lead generate effectively there is definately legs in repo's especially with an apparent predicted rise in repos by 17%.You just need to know how to find them.

ViewBuild · #4 (**permalink**) 11-02-2008, 03:10 AM

If can find properties that are being forced into "mortgagee sale" you can sometimes get a great bargain. It is not easy to find them before they are listed publicly but if you can build a strong relationship with some estate agents, they will often tip you a wink before a repossession is made public. You have to be able to finance these deals quickly and often the "mortgagee" leaves the place in a bit of a mess but still worth persueing.