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Buy at auction? Property repossession rates say yes

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Bankrupt Reposession ImageIf you’re looking to buy at auction, property repossession lots are the way to go to find the best bargains. That’s not to say it’s easy, a certain amount of market knowledge and auction experience, or research at least, but the same goes for buying any property at auction, but it never does any harm to be prepared, no matter how seasoned a bidder you are.

The forecast for property repossession rates looks gloomy. Recent reports in the UK and USA was that the rise was slowing down and rising at a slower rate in each country respectively. However, the UK’s Council for Mortgage Lenders (CML) predicted that in the run up to Christmas and into to 2016, the numbers of people having their homes repossessed will increase. This is bad news all round, because while it does mean more cheap property for sale at auction, there was plenty of it around anyway and all it does mean is the general state of the national financial health is very poor. But, for now it’s just a forecast and there’s no time to waste finding a great property to buy. After all, spending is good for the economy.

Buying repossessed property is not limited to developers looking to make a quick return and tidy profit, buying this sort of property as a home is a great way to buy out of your price range without, well, the matching price tag. Both domestic and commercial properties are put up for sale at auction due to repossession, so it makes sense that there’s variety of types of property available.

Repossessed properties can be found at any property auction. Property repossession auctions don’t yet exist, but that could change. This is good news in that there are property auctions in every urban and many rural locations, but it also means that the properties are more spread out in terms of different auction sites. Most property at auction is sold in a nearby auction house or at the site of the property itself.

Auction catalogues will disclose if a property is up for sale because it has been repossessed by the mortgage lender. Therefore it’s easy to find them if you’re only looking to buy a repossessed property. The key thing to remember, which goes for any auction at all, is to set a limit to your bidding, and stick to it, no matter how difficult that can be at the time. That part never gets easy!