Repossessed Houses For Sale
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As each property is unique and each situation can be different, there isn’t a definitive answer when trying to answer the question “how much should I offer on a repossessed property?”.
However, using historical data and trends, we can guide you on the steps you need to take to determine your offer price.
Firstly, the most important initial stage in the process is to determine your qualifying range with the support of a loan broker or mortgage lender. This will give you a target price for applying for a loan, and also provides a price range when searching for repossessed properties.
It’s critical you have this information prior to offering on a repossessed property as you could find yourself in financial trouble, especially with the prospect of hidden costs, such as utilities and renovations, when the sale is completed.
Use Repossessedhousesforsale.com to find thousands of repossessed houses listed on one platform. Usually, this process is laborious so our platform saves the time needed to manually look through photos of each property, one-by-one, via estate agents to find ‘Do not use’ tape (or other indicators) and/or to only identify properties which already have existing offers, which increases your chances of being gazumped.
It’s also very important to arrange a viewing prior to offering and to have a structural survey done whilst conducting research on things like noise in the area, any issues with neighbours or planning permission problems you could run into should you want to buy the property.
[repo_properties_location location=”london””manchester””birmingham”]
Once all the relevant steps for looking to buy a repossessed house is complete, you’ll need to prepare your offer amount. Homes being put up for sale after repossession can achieve high levels of discount against market value, because the seller – usually a bank or developer – is after a quick sale as it’s losing money all the time the property stays empty.
When a bank or building society claims back a house, it has a responsibility to get as much as it can for the property to minimise any losses. Yet while most sellers spend months waiting for the right offer, banks often just price them cheaply to sell quickly.
Prices for repossessed houses in the UK typically see between 10% to 30% below market value (BMV). Usually the more work they need, the bigger the discount, although there’s potentially also a higher outlay to get the property in the required condition
You might see properties on Repossessedhousesforsale.com at extremely low prices vs the market average but don’t be blindsided by the guide price. As mentioned earlier, it’s essential you prepare prior to bidding and view the property so you know how much any renovations will cost once purchased.
Overall, it’s critical that you seek professional support and advice prior to offering on a repossessed property whilst determining your budget prior to purchase. Preparation is also key so you know exactly what you’re getting into when having a list of potential repossessed properties to buy.
