Where to Find Repossessed Property for Sale

Repossessed properties available to purchase used to be few and far between, but the current economic climate has resulted in thousands of homeowners defaulting on their mortgage payments, and ultimately thousands of properties becoming available to buy as a repossession.

Finding repossessed property for sale is often easier than you’d think. There are several methods used to advertise the sale of such properties, and if you keep an eye on all of them you can generally find a property that suits your needs and your budget.

Property Auctions

The majority of repossessed property for sale is found in the auction room. This is because mortgage lenders tend to skip the estate agent and aim for a quick and hassle-free sale. Property auctions are advertised in local papers and sometimes on council websites, but don’t expect a big announcement as they are normally advertised in a very discreet manner.

Bidding on and winning a repossessed property for sale at an auction is one of the best ways to grab a bargain. In fact, it is often possible to buy a repossessed property for around 30% less than its estimated market value.

Estate Agents

Although a lot of mortgage lenders go directly to the auction house some do try to sell their repossessed properties through an estate agent first. Strangely though, estate agents rarely advertise the fact that they have repossessed property for sale.   

It can be worth phoning round a few of your local estate agents to see if they have any repossessed property for sale, as they are obliged to tell you if they have. Even if they don’t have any suitable properties when you contact them you can always leave your details and ask them to contact you should any repossessed properties become available.

The Internet

There are hundreds of websites on the internet that offer to source repossessed property for sale in your area. While a decent proportion of these sites will legitimately source available properties (normally by gaining access to auction house catalogues), others use unlawful techniques to find property details.

Most of the decent websites charge a membership fee and in most cases this is worth paying. By signing up with a few of these sites you will normally be given the option of receiving the details of new repossessed properties for sale in your area as soon as they become available. This can give you the jump start on other interested landlords, and you can even place a pre-bid that may well be accepted prior to the auction.

Repossessed property for sale is easy to find, but finding the right property for your needs and your budget may take some time. Keep an eye on the local papers and make yourself known to your local estate agents, and hopefully the property you want will come your way without too much of a wait.