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Lettings Direct - Letting Agents, Property Management Specialists and Buy to Let Experts.

Buying Repossessions...


Are Repossessions a Good Investment?...

In a word yes - but as an Investor you have to be careful to choose the right repossession and buy at the right price. As with refurbishment properties, the recent wave of property programs on television has substantially increased the public awareness of this type of property and of course the potential gains that can be achieved - almost to a point that this does often drive the price of the property up as people bid against each another. You have to be extremely careful that you don't get carried away with bidding and end up paying more than the property is worth. Often when there is considerable interest in a property, the seller (usually a bank or building society) will go to what we call "sealed bids” which is when each person submits their best offer to the Agent dealing with the property. Also, you may find that before an offer is finally accepted, the Agent will have to publish this in the local Newspaper to give anyone else the opportunity to make a higher offer.

What Should I Look Out For?...

As with all purchased, you should consider the property because of its price, location, rent-ability and of course the potential and don't get carried away that it has to be good because it’s repossession.

Will I Need to do Any Works to the Property?...

In the majority of cases, most repossession will need either a little modernisation or light refurbishment. You also often find that many of the fitments have been removed by the previous owner.