eClaire

It will be quite difficult for me at the moment to get on to the property ladder as a first time buyer and because house prices in Edinburgh are absolutely shocking! I overheard someone talking about repossessed property auctions. I have heard of them but never really looked into it.

Are there any real benefits to buying a repossessed property and are they generally much cheaper?


Have you had any good/bad experiences with them?

Thanks

C

lightning101

Try here for a start.


http://www.rics.org/property_auction...on_houses.html


then here for more local

http://www.sva-auctions.co.uk/last_auction.html

eClaire

Thanks for that

LG John

Gail and I were looking to buy at one point and looked at a fixed-price house that was a repo. The previous occupants made a bit of a mess on the way out (punched holes in walls, doors, pee'd on carpet, etc and this ultimately put us off.

Looking back it actually would have been a great investment as with my dads contacts the place could have been put right very quickly and cheaply and sold on for profit if we'd wanted.

eClaire

Thats what I want to do Think your dad would mind passing those details on at some point?!

LG John

Just say what you need, plumber, electrian, joiner, bricky, etc - he knows them all

eClaire

Yay

eClaire

Ok, all i need now is the property!

imlach

Don't be scared of internal damage. It is a sinch to put right....

imlach

Only downside with property auctions is they are sold as seen....no comeback.

eClaire

Something I *really* want to do! Just need to know what I'd be letting myself in for with these repossessed properties! Come on guys! Help meeee!

imlach

Won't be many in Edinburgh.....

eClaire

Theres a few out in the lothians, not really that difficult to get to, plus people are starting to buy out there because Edinburgh is so bad!

imlach

If you're prepared to go outside the city, you're laughing.....

eClaire

V prepared!

imlach

PM me if u want, but how far out, and how much have you got?

imlach

Saw this :

http://www.espc.co.uk/property_catal...A-254C326879C4

...but it WILL go for more than £39k I reckon. "sold as seen" in the schedule though - probably got some structural/damp problem.

imlach

Or a quarter share in this for under £40k....

http://www.espc.co.uk/property_catal...A-254C326879C4

Good way to get on the ladder.....

eClaire

I can't believe the price that one at longstone is going for

Isn't quater share poo?!

imlach

Hmm.....I'm assuming it is a housing association one....gets you a lot of space for the money, but only a 1/4 of the capital growth....but still 1/4 of £160k..

Eco-friendly flat too - it's opposite the snooker hall on Slateford Rd near the top of Robertson Avenue....not Longstone...quite a nice spot actually.

Scooby96

"imlach, Only downside with property auctions is they are sold as seen....no comeback"

You can still get a survey done prior to the auction to avoid a nasty surprise

bartmanuk

eclaire,go for the repo if you can,i got on the property lader about 6 years ago when i bought a 2 bed end of terrace that was only 12 years old at the time for £35k.it needed decorating right the way through but 2 years later i sold it for £60k,im now living in a £250k house that i paid £97k for,and ive only got a £77k mortgage,so the repo's are well worth it if you can get one...

BM

eClaire

Cheers

Scooby96

It aint that easy though..... unless you know someone, nudge, nudge, wink, wink!!

bartmanuk

na not at all m8,i didnt know anyone for that,but a useful bit of info is,with a repo they put it up for a closed auction,where everyone puts in a private bid and it goes to the highest bidder,so what you do is.........(PM me to find out the rest)

BM