A repossessed property is one that has come under the ownership of a bank or mortgage provider. This occurs when a mortgage borrower has fallen into arrears or when a developer or landlord is facing bankruptcy. A lender can put the property on the market through an estate agent, or at auction, to enable them to recoup the cost of the original loan.
A property type capable of inspiring trepidation and excitement in equal measure, buying a repossessed property is a venture which can provide impressive returns, particularly to those who know what to look for. Quick sellers which are typically in need of some renovation, these properties are filled with potential, and have been known to offer buyers the rare chance of purchasing a property for under its market value. An attractive opportunity for a range of buyers, including developers, buy-to-let investors and residential buyers looking for a project, the range of repossessed houses for sale available at SDL Property Auctions is incredibly varied, giving you the chance to find your perfect property.
Whether you’re a first time buyer, or already have some experience in this arena, the auctioneers at our repossessed property auctions are always available to share their specialist knowledge and experience. To get advice on your potential purchase, simply reach out to our team through the live chat function in the bottom right corner of the screen, or read more about what to consider when buying from a repossessed house auction on our blog.