Smart Tips for Buying Repossessed Property by toriola1


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Smart Tips for Buying Repossessed Property By Parmdeep Vadesha

Searching for an investment property can be an overwhelming experience. Today's market is generally characterised by stabilising property prices, high interest rates and picky lenders. While the hunt for your perfect reasonably-priced property investment might be a challenge, it is not impossible. Yes, good property investment deals are still out there - if you only know where to look. One of the more popular sources of a sensible property investment is repossessions. The repossession property market offers some of the best opportunities available for the novice property investors. Most of these houses were once owned by homeowners who have defaulted on a loan on which said property was put up as a security. As a result, the bank or loan providers repossessed the property and subsequently sold them at auction or via estate agent to recoup their investment. While the repossession process is indeed an unfortunate occurrence for the cash-strapped homeowner, it is a window of opportunity for the property investor on the lookout for a below market value property. As you may know, the property market can be tricky to navigate. You need some business-savvy and a whole lot of common sense to succeed in property investment. Here are some things you need to do before purchasing a repossessed property: * Explore the various types of repossessions. Learn about the different types of repossessed properties because the earlier you come into the picture, the cheaper you can purchase the property. For many buyers, the pre-repossession stage is the best option. In this particular situation, the buyer purchases the distressed homeowner's home that is threatened by an impending repossession. For many, a pre-repossession is a win-win process for both the buyer and seller. The homeowner gets the money he needs to pay off his mortgage. In view of the sales transaction being completed in a speedy manner, the property investor obtains a property at a very low price. * Go to an auction. Most repossessed properties are being sold at an auction for a fraction of their price at the regular market. If you are new to the property investment industry, an auction sale could intimidate you. Get to know how it works before you participate in one. It is also advisable to seek the advice of property
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mentors or an experienced friend to guide you through the auction process. * Shop around for the right financing. Make sure that you are financially prepared when you go to an auction. When the hammer falls after you bid, the property is yours. This normally means that you have to pay 10% cash deposit right away with the balance of the purchase price to be paid 28 days after. If you do not have the cash straight up, make sure that you have a mortgage already ironed out. Go to an auction informed and financially-ready. You do not want to end up with a deadweight and more importantly, you want to come out with a repossessed property that fits your investment needs.

Parmdeep Vadesha is a property investment expert and founder of the largest community of property entrepreneurs on the web who buy below market value properties from distressed homeowners facing repossession, divorce and bankruptcy. He writes a monthly newsletter for over 70,000 property investors worldwide -

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Auctions Have the Best Bargains By Parmdeep Vadesha

Every year, thousands of properties in the United Kingdom are sold way below their market value. Majority of these properties are repossessions which are sold at auctions at 10% to 40% below market price. Nowadays, property auctions are no longer just for the elite. Smart investors can come across fantastic opportunities and purchase the perfect property at rock-bottom bargain prices. People do find bargains at property auctions. For example a studio flat in London sold for ¤10,000 only while a flat with a market value of over ¤100,000 sold for just a fraction, at ¤15,000. There are thousands of homes available at property auctions. It is just a matter of finding out where the best and biggest bargains are. It is reasonable to expect a 10% to 40% price reduction for a property bought at an auction than if it were bought through an estate agent. At property auctions, the properties at the best bargain prices are often repossessions. Most of them are residential properties, or homes taken from owners who have defaulted on the mortgage, and rundown or dilapidated properties that cannot be sold at its current state. The attraction to repossessed properties is that they are often located in a prime area. The number of repossessed residential properties offered at auctions rose in recent years. The increase is driven by the rise in interest rates and thus, higher mortgage costs. This caused the large number of repossessed properties going under the hammer at auctions. Repossession is often a very sad thought but for the careful and smart buyer, it could also mean an opportunity to buy that dream property. Before jumping into a property auction to buy the next repossessed investment, it is best to know some tips and tricks of the trade to arm yourself beforehand. Repossession auctions are not as easy to find as you might think. Due to the demand for cheap repossessions, auctioneers often have some regular investors and thus, do not even need to advertise as much. For most novice investors, you might want to subscribe to a property magazine or phone an auction house to know when their next auction will be held. Getting into an auction house's mailing list will alert you on future auctions. Most banks, building societies and auction houses do not immediately reveal that the property they are selling is a repossessed property however the catalogue will often state that the property is being offered on behalf of a mortgagee in possession - i.e. a repossession. The best thing to do is to ask the auctioneer directly. He is bound to disclose the status of the property because there are laws that prohibit auctioneers from giving false and misleading information about a property. Lastly, make sure you understand how an auction works before purchasing property. For most first timers, it is important to take an expert along with you or someone who has been through an auction before. Let someone guide you through the auction process and don't be afraid to ask questions. More importantly, know what kind of property you want before heading off for an auction. That way, you will not be coerced or influenced by anybody into buying a property you do not really want.

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Parmdeep Vadesha is a property investment expert and founder of the largest community of property entrepreneurs on the web who buy below market value properties from distressed homeowners facing repossession, divorce and bankruptcy. He writes a monthly newsletter for over 70,000 property investors worldwide - - Repossessed Cars! AMAZING CONVERSIONS - #1 Moneymaker! Page 4

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