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Is it a good investment idea to buy a repossessed house?

I am a first time buyer, with limited funds. I want a good buy and was wondering if buying a repossessed house is a good investment? and if so how do I access listings?

Asked on Jul 13 2011, House Prices in Wirral | Report content

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  • Repossessed homes usually go on estate agents books first, then if they don’t sell they go to auction. Usually the advert will say ‘vacant possession’ or ‘no chain.’ Look for tape across toilets and appliances in listing photos. Try contacting estate agents and ask to be notified about repossessions or vacant properties when they come on to the market. Do bear in mind that they are not always necessarily cheaper when first listed and even at auction they can go for a higher price than one would expect. There are bargains out there, but you do need to do a bit of your own research, I don’t know of any particular site where repossessed properties are listed, you do have to find them. You could go straight to the auction houses and see what comes up, just make sure you do you home work before getting carried away, some properties are of course cheap for a reason.

    Answered on Jul 13 2011, Report content
  • Definitely, if you can purchase the property at the correct price.

    Web reference: http://www.pureacquisitions.co.uk

    Answered on Jul 14 2011, Report content
  • Again and again . "Home is where the Heart is" is spot on with their advice

    Answered on Jul 15 2011, Report content

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