Buying a repossessed property

Rotty said:
you may run into credit problems after you move in due to the inevitable bad record associated with the address, you need to sort this with all the credit reference agencies by means of a letter of dissassocation and then check the record again to make sure it has been done
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thats absolute ****
credit records are tied to individuals not addresses!!!!
 
I started to buy one (ftb) at £85k, got the ball rolling with solicitors and mortgage and someone else came along and started bidding. I gave up at 95k and lost out on solicitor fees. Glad i did in the end because i found a much better one. I wouldnt attempt to buy a repo again.
 
There are definitely bargains to be had. Allsopp run a big one in Marble Arch. If anyone is interested at all I'd strongly advise going along to one early on with no intention to buy. It's interesting to watch and you get an idea of what it is about. Groups of buyers go to buy buy-to-lets. The most noticeable are the groups of Asians and the hassidic Jews but there are all sorts. As long as you're not buying the stereotypical rentable property in the areas where the landlords are buying you can get a steal. We sold a report place valued at 80k for 45k. We were happy to get shot.
 
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