Property Classifieds guide to buy Repossessed Property in Norwich, United Kingdom

 Repossessed Property

Properties are usually repossessed when an owner has defaulted on their mortgage and fallen into arrears, or the mortgage lender, who – as a result - applies to the courts for the issuing of a repossession order. This is usually followed by an eviction order. That’s how most repossession property enter the real estate market as property for sale.

The sale of the property goes towards paying off the previous owner’s debts, and the lender is legally obliged to get the best possible price. In order to recoup their investment as quickly as possible, lenders will often price the property below market value to encourage a sale.

The advantage of selling repossessed property at auction is that lenders can usually achieve a quick sale at a guaranteed minimum price. This is because the contract of sale at auction must be completed within 20 working days of the auction date.

Homebuyers should be aware that the process of purchasing property at auction is quite different from buying a home through an estate agent. Before you consider buying, try to attend at least a few auctions to get an idea of what the process involves. The biggest and most important difference is that buying at auction is legally binding, so you must do your homework about the property before the sale.

Find Repossessed Houses

There are several things to look out for when identifying a repossessed home at an auction. Check the auctioneer’s catalogue. In some cases it will say “by order of the mortgagees”, in other cases it may say “by order of the receiver”. However, not all properties will have this information in the catalogue. If you suspect the property is a repossessed home, the easiest thing to do is phone up the seller’s solicitor and ask them who is the seller.



If you are looking to buy or sell commercial or residential property in the UK, Property Classifieds should be your first port of call for valuable advice and guidance.  Connecting motivated sellers and buyers across the UK, we have a wide range of investment properties and property development opportunities in your local area, too. Contact us today for more details.

  

Location: United Kingdom

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