wanting to buy a repossessed house?greenspun.com : LUSENET : Repossession : One Thread
I am thinking of buying a repossessed house for 1st time in the Midlands area, any suggestions of estate agents/organisations out there who can help me?
-- sam (firstname.lastname@example.org), January 21, 2002
Reknaw & Norom should help you out.
-- Too scared to say (email@example.com), January 21, 2002.
Dandelion & Burdock are OK too!
-- (firstname.lastname@example.org), January 21, 2002.
Just make sure you pay the full market value for your home. Also remember all of us who have had our properties undersold after repossession - the thought could haunt you forever.
-- Anon (email@example.com), January 21, 2002.
1, You are feeding off the misfortune of others. 2, You will be permanently blacklisted as a repossessed address 3, You will forever be connected to a repossessed property. 4, You will never be able to obtain any credit, ever. 5, Everybody will associate you with the repossession. 6, When you try to sell you house you will lose money. 7, The repossessed will chuck house bricks through your windows. 8, Every night when you try to sleep you will regret what you have done. 9. Loads of people will hate you, you are hated.
If I were you I'd think about not purchasing a repossessed house. It's a bad deal and causes no end of pain for everybody involved.
Plus, you are an insensitive prick
-- screwed (firstname.lastname@example.org), January 21, 2002.
talk about being throwing a pity party. This message board is not just for those who have had the misfortune of losing out. It is for all. Including those who do not wish to ever be in your shoes. So, with that being said, LIVE AND LEARN.
-- white wolf (relive n email@example.com), December 02, 2002.
So, "Screwed", you don't want a repossessed house to ever be sold?
Let's assume this happens:-
1. The original repossesed borrower will pay more money as time goes on until the house is sold and funds applied to his/her debt.
2. The house will deteriorate generally through not being lived in.
3. The house may be subject to vandalism/theft.
4. A property or area may become "blighted" by too many repoeessions in the area.
5. The neighbourhood deteriorates as a result of the three factors above.
6. The mortgage company come under pressure to sell the house at a lower price.
7. When eventually sold, the price realised is substantially lower than the mortgage debt resulting in a shortfall which the original borrower is chased for.
There is no stigma attached to buying a repossessed house and indeed if you do so at a proper market price you are doing the original borrower a favour. As you have no association with the previous occupier, your credit rating does not drop into the ground.
I can understand the view of people who have been reposessed and who see another person buying "their" home, particularly if it is some time since they were evicted and they have seen the garden become overgrown and stones through windows etc, and then somebody gets a bargain - it must be a heart wrenching ordeal and I am very sorry for anyone who had had this. But such is life and the best thing a repossessed person can hope for is that the property is quickly sold whilst "still warm" and undamaged - that way, their mortgage debt could well be paid off in full and they can start life again.
-- David J. Button (firstname.lastname@example.org), January 22, 2002.
If you must buy a repossesed property wait until it has been on the market for 12 years, that way no B.S can chase us the victims of repossesion for mortgage shortfall!
-- Daren Otsay (email@example.com), January 22, 2002.
David, I gather from your response that you have obviously never experienced the repossession of your home. I'm glad that you haven't David but I do feel that your answer is a mite smug possibly because of your lack of 'qualifications'. The issue that causes so much distress is not necessarily that of selling your home to someone else but more the fact of blatant underselling thus leaving a shortfall. I don't know where get the idea that properties, by and large, are sold for their market value because the vast majority ARE NOT. Surely you have read enough postings on this site to realise that. Incidently, if you haven't had YOUR property repossessed what is your interest in this site? Just wondering. Joy.
-- Joy Harker (firstname.lastname@example.org), January 22, 2002.
Well Joy, just to tell you how wrong you are - I have had a Bankruptcy petition filed against me, come near to losing my home and have had lots of money problems in the past - so I can have empathy with people who have lost their homes. Please do not insult my qualifications - they don't come into it.
The point I was trying to make, which you missed entirely, if that when a repossession goes through, the house has ultimately to be sold in order to pay back the mortgage that was secured on it - it is surely better that the BS sell it quickly rather than later because it will fetch more money. I totally disagree with a BS selling for substantially less than the market value and going after the dispossessed for the shortfall. I believe that where the mortgagee takes possession and subsequently under his control, sells the property, then provided the now dispossessed occupier has looked after the place, any shortfall should be borne by the mortgagees not the mortgagor (in other words by the BS not the occupier) because it has been proved time and time again that BS's hang onto properties until they are in rack and ruin and then sell them well under what they would have fetched if sold within a few weeks of vacation.
I once had a car repossessed that has 7 months MOT on it - it was left in a car pound for 8 months and then flogged through auction - I was refused permission to sell it myself for £1500 which would have covered the remaining HP - at auction, with no MOT, it fetched £120 and with the auction fees and collection fees taken off, there was nothing left to apply to the debt - then they came after me for the remainder. I fought the case and won and I did not have to pay anything - all because I kept a copy of the MOT. Same principle is applying to repossessions!
-- David J. Button (email@example.com), January 22, 2002.
I'm sorry to disagree but it is not always the case with a quick sale! My partner's property was repossessed in 1993 - it was not put on the market but was auctioned off almost immediately (within weeks) resulting in them now chasing him for a £38,000 shortfall. I think the message is, judging by all the repossesses within this site, that the Building Societies do not care whether the property is sold quickly, over a longer period of time, or whatever as they can chase the previous owner for so many years.
-- Chris (firstname.lastname@example.org), January 23, 2002.
It is my opinion that the author of this question is either a total moron, a lender whose only aim is to discredit this site, or, a person with such a low level of personal insensitivity that it borders on being classic schizophrenia.
The question is so inappropriate for a site that has the declared aim of advising and helping mortgage shortfall victims that it is inconceivable that anybody could ever dream of ever asking it.
Iím recommending to the owner of the site that a clear warning statement is displayed upon entry that such offensive questions, and this is truly an offensive question because it is so inappropriate for this forum, will be deleted in future without reference to the author.
-- anon (email@example.com), January 29, 2002.
Can anyone remember from some time ago, an article in The Daily Telegraph with the heading 'Halifax accused of homes scam'?
The article went on to say: 'Halifax Property Services, one of the country's largest estate agency chains, is paying its salesmen substancial cash prises for persuading owners to slash the price of their homes. A leaked staff circular, passed to The Daily Telegraph, details a bonus scheme "to increase price reductions in all branches", by which teams who sell properties at the lowest prices are paid the most money. The benefit of lower prices to estate agents is that while the commission per sale is marginally less, it encourages a faster sale and a greater turnover. Prizes of up to £200 each are available for Halifax sales teams who beat a target reduction in a price set by the management. At a time when more than a million householders are trapped by negative equity, Halifax staff are awarded the biggest bonuses for persuading vendors to cut selling prices by a third or more.' The article goes on in some detail and makes very interesting reading, stating who denounced the scheme which is definately in contravention of the society's rule - makes you wonder how they conducted the sales of properties which they repossessed. I have copies of this article, which are kept in secure locations. Anyone who dosen't have, but would like a copy, contact me and I will send you one. Yes, I lost my home, had a mortgage with the Halifax, a mis-sold MIG with RSA, been chased by a number of Debt Collectors, solicitors, two SID's served and still fighting on......
-- Sunshine (firstname.lastname@example.org), February 01, 2002.
Having just bourght and sold my tenth repossed house, within the last year, selling them all for a good profit, I would just like to say that sam has got a good idea, if he has the brains to work out his finances properly, like it seems that he does, then others like he, would never find themselves in so much trouble. and then there would be a lot less crying on the internet as well as in general. all I can say is good luck to him, and hope that he has as much luck as me, so I am sorry to write to you with such a sad story, but then again you really are a sad lot.
-- Sally Armstrong (email@example.com), February 27, 2002.
Not even brave enough to offer a real e-mail address.
Please contact me directly and we can discuss the matter of me being a sad person in greater detail.
-- matt (firstname.lastname@example.org), February 27, 2002.
Thank you for your very valid and offered opinion of sad people which is greatly appreciated by all fighting the injustice of mortgage shortfall. All this from a person who can't even spell 'bought' and has absolutely no conscience whatsoever. I hope you can live with yourself in your happy repossessed properties bought upon the misfortune of others - did you buy it from Parasite Times?
As previous postings have said I believe these people need to be treated with the contempt they deserve and the site used for the real reason it is intended to be.
Apologies for not posting my correct e-mail address, this is not because I am not brave enough but for the fact I only have a work facility.
-- Chris (email@example.com), March 04, 2002.
There is something very disturbing about the writer. There is a name for someone who enjoys causing pain to others. I suspect that this tosser actively seeks out websites like this and directs his poison at people who are cornered and vunerable. The more you bite, the better it is. Probably turns him on.
I know it's a contradiction but suggest that any future postings from this wanker be ignored.
-- jeanie mullane (firstname.lastname@example.org), March 22, 2002.
I cannot believe the hard hearted swines who post on this site. Many peoples lives and marriages are ruined due to this as are their kids lives and many others are driven to near or unfortunately successful if that is the word suicide. I know I have had pills set out but bottled - thank god. No one and I mean no one can understand what its like unless they have been there or have empathy in their heart. This site has been so supportive to me I hate to see anyone be disrespectful to it. It is bad luck that gets us into this situation not overspending our money. it is usually due to loss of jobs, illness, businesses not working or something like this - not by buying every top on the rails in Next and Wallis. I do hope that these people never land in our situations. But if they do I bet they will come back and try and get help from this site. Rotten postings make people who are distressed feel worse so these idiots really should stop it or even better just get a life. I hope when their day comes that they find themselves blacklisted for support, They do not deserve any help.Sorry to go on a tangent but this makes me really mad. Marion
-- Marion Allan (MSA@quista.net), March 25, 2002.
Marion, I agree I have evidence of someone buying a repossessed property and being asKed by the building society manager to complete within a certain "quarterly accounting period" , so as to allow him to exceed his target figures. They made an instant purchase, at well below the marKet valuation!! They were not privy to any shortfall debt situation, but believed they were taking the property at a "quick sale price"... AND I HAVE THE PROOF
-- (CIBCEARLY90s@aol.com), March 25, 2002.