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Do reposessions normally go to auction?

13 replies

notnowbernard · 11/02/2010 16:59

Estate agent has told me about a potentially v interesting property coming on to market in next 2 weeks
But it is a repo

I didn't think to ask him about it at the time, but don't they usually go to auction? (In which case am sure we'd be priced out straight away!)

OP posts:
rebl · 11/02/2010 17:19

No they don't always go to auction. I know that the house at the top of the chain we were in was a repossession and that was on the market like any other house.

notnowbernard · 11/02/2010 19:59

Thanks for reply

Anyone else?

OP posts:
ThingumyandBob · 11/02/2010 20:20

I know of one that is on the market at the moment, it's on the estate agents web site with all the other houses. Get your agent to call you when it's on...

notnowbernard · 11/02/2010 20:23

Yes, he is going to give me a ring

Told him we were VERY interested

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bluebump · 11/02/2010 20:26

No, the house next to us has been reposessed twice and it's always been sold through an agent.

bumpybecky · 11/02/2010 20:30

we bought a repo, via an agent like a normal sale

they threatened to sell via auction if we didn't complete by a certain date, but this was after lots of problems with the survey that slowed everything down

notnowbernard · 11/02/2010 20:37

Thanks, that's reassuring!

It's just the sort of property we want in an area we wouldn't be able to afford normally

Will now try not to get too excited

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Rebeccaj · 11/02/2010 22:52

An auction would normally be the sale route of last resort, as it's likely to yield less for the bank than a regular sale. So hopefully this will come to market for you!

Be warned though, it will have been gutted. And I mean, gutted - anything with any value (light fittings, kitchen units, the lot) are likely to have been stripped out in an attempt by the repossessors to generate some value. The utilities are likely to be all off - so no turning lights or taps on. It could look a bit like a bombsite!

EdgarAllenSnow · 12/02/2010 19:54

what might happen (and you often see adverts for this) is that when you have made your offer, they then advertise with a deadline for that offer to be exceeded.

i saw some rather nice repo houses last time we looked.

PirateJelly · 12/02/2010 21:53

We have just completed on a reposession. I saw it on Rightmove before xmas and viewed it through a normal estate agent. It hasn't been ripped to pieces at all and has a new kitchen, boiler, light fittings etc still in place and undamaged. The gas and water were turned off when we viewed but they are working fine so far (touch wood).

We offered £1000 under the asking price initially which was accepted but had to increase to £1000 over the asking price in the end because another interested party made an offer on it. The Estate agents who were selling it were very good at putting other people off once we had a secure mortgage offer and only put a small notice in the local paper (instead of a large notice on Rightmove like many do)

We were told we had 28 days to complete but infact took just over 7 weeks without a bad word being said by the repo company (apparently the 28 day timeline is to put people off who are not in a postion to proceed quickly) but if you are moving along nicely that puts you in a really strong postion should another party make an offer as they are effectively at square one.

I'll not lie, it has been a really tense few weeks as we knew it was a bargin and was sure someone would come along anytime and gazump us, but we were really lucky that our sale was going through over christmas and New Year when I don't think many people were looking (except me, Rightmove addict )

And as for them going up for auction I know a reposession that was on for over a year with an estate agent with a 60% price drop before it went to auction, I don't think it happens very often as they usually get snapped up.

P.S If you really think you're going to like it, try and get one of the first viewings available and have you're finaces sorted for that day so you can make an offer there and then if you want it, because speed really is everything. Good luck

notnowbernard · 15/02/2010 13:06

Have just returned to this thread, thanks all for the helpful information!

Have spoken to agent, he says it's NOT going to auction because it's a saleable property in a desirable area so won't struggle to attract vendors

Now just need to work out if we can afford it...

OP posts:
HappyHome · 15/02/2010 16:40

Just read this thread, as an ex estate agent I always found that when dealing with repos the banks and building societies were always less flexible on the asking prices than private vendors. Don't want to sound negative but just be prepared that there may not be much flexibility on the asking price.
Good luck!

notnowbernard · 16/02/2010 08:17

Bugger

Can't afford it anyway! And it's comeon 10k more than we were told originally, so No Way

Never mind. Thanks for all the info though

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