Repossessions

[adonaghy]

Hi, ive seen two repossessed properties and im hoping to secure one of them as a buy to let. Im wondering if anyone can give me the benefit of their wisdom in purchasing such a property. Good or bad experience. Both properties will go to an offers over situation when closing date is set.

[Richlist]

1.Best if you know the agents who can

* tip you ''the wink".

* work in your favour to ensure your offer is the accepted one.

* let you know how high the other offers are.

* put off any other interested parties.

* etc etc

2. Accept that you will always under estimate the amount of work required and cost of repairs/ refurbishment. So build in an enormous contingency fund.

3. Always think about resale even if its some years in the future.

4. Never surrender potential increases in capital value for short term rental gain.

5. Accept that you probably won't get the property......and if you do get it you've probably paid to much!

6. Ensure you study & fully understand the information contained in any legal pack ie don't cut corners.

7. Always have your finance in place BEFORE making an offer.

8. Don't make any assumptions.

9. Make sure you factor in all the costs.

10. Any costs you incur for a failed purchase are not tax deductable.

[Mortitia]

Is this in Scotland? If so wink tipping may not be allowed as it is a sealed bid system usually.

[Richlist]

Is this in Scotland? If so wink tipping may not be allowed as it is a sealed bid system usually.

No of course it isn't but then neither is it allowed to smuggle drugs, fiddle your expenses or break the speed limit.

[Mortitia]

This suggests you do all those things Richlist! Shock horror!

[Richlist]

I couldn't possibly comment on a public forum.

But I suspect that a very large proportion of the general public have :-

* put a few extra packets of cigarettes & or an extra bottle or two over the limit in their luggage.

* claimed for more than they are entitled to.

* broken the speed limit.

......they just haven't been caught doing it !

[Melboy]

I could possibly make Snow White look dirty.....................

Anyway Ann of Glasgow I have made a career out of buying repossessions and a few years back it was a good business but now I am not so sure due mainly due to Homes Under the Hammer and other TV property programs showing just how easy it is to make a fortune.......I don't think! Any real money I made was by holding onto property when it went through the roof from 1999 onwards there was top money to made then.

The bottom line is you have to buy at a low price and you have to know what your doing. The average punter has no idea of the costings when recovering a repo. either for resale or to hold onto and rent out and they quickly end up over budget and working their socks off for precious little reward.

Do your homework and don't get suckered in by the over-bidder's on the price..... if they want it that bad then let them have it and move on.

[adonaghy]

Thanks for your resonses. Always good for a chuckle! Despite being in the offers over system, ive been totally intrigued by the estate agents behaviour, She has been trying to put me off one of the properties and giving me mixed messages. They are both going under offer with a closing date next week, Cant wait til its over! I will take your advice and not get carried away with my offer.