Want to find a Repossed Property?
Looking for Repossed Properties for Sale?
Your frequently asked questions about buying a repossed property.
What is a Repossed Property?
A reposed property is a house or flat that has been repossessed by the mortgage lender as the owners have failed to keep up with their mortgage repayments over a period of time.
Can anyone buy a Repossed Property?
Yes, anyone can buy a repossessed property as long as they are able to finance it, by buying it outright in cash or obtaining a mortgage.
If you are buying the property to rent out you will need to apply for a buy-to-let mortgage, which normally requires a deposit of 15% of the sale price.
Why are Repossed Properties a lot cheaper to buy?
Although the sellers of repossessed properties are required to get the best price possible, they can usually be bought for less money than similar properties in the area. Repossed properties may not be marketed as cheaply but they are much less likely to achieve the full asking price and be open to low offers.
This is because the previous owners may not have had the money or motivation to keep the property in a good condition and many buyers will be put off by poor presentation. Often a quick sale is needed so a low offers are more likely to be accepted from a buyer who is in a good financial position and able to proceed straight away.