How does one buy repossessed houses which is the best source?
Asked on Sep 13 2014,
New Homes in West Midlands |
People often search specifically for "repossessed" property because there is a general mis-conception that they are bargain prices. A bank has a legal, and self serving, obligation to achieve as much as possible for a "repossession" as they want to recover as much as possible, and so quite often they are advertised at current market value. It may be worth looking for reasonably priced property rather than just "repossessions".
Also, be aware that even if you're offer is accepted on a repossessed property, most corporations will instruct the selling agent to publish the offer in the local press/on the internet and make sure it remains fully available up to exchange of contracts. This means that other potentially interested parties know what your offer is and at any point, can submit an offer to the agent which may be accepted. There is nothing you or the agent can do about this as they have to take instructions from their client.
If you are going to pursue repossessions, make sure you have everything in place and ready to go so that if the offer is accepted, you can get to exchange of contracts as quickly as possible.
Answered on Sep 25 2014,
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