Repossessed Houses

                                                                
     
Search for Repossessed Houses for Sale

The number of homes being repossessed in 2011 was 36,200, its lowest level in 4 years according to The Council of Mortgage Lenders. That was just below the figure for 2010 was 36,300 which was actually down 24% on 2009 figures. Low interest rates and effective arrears management by lenders are helping the vast majority of borrowers facing difficulties to keep their homes, highlighted by the total number of mortgages in arrears above 2.5% of mortgage value also falling to 159,400 in December 2011, down from 172,400 in 2010.

Rising unemployment and wider economic difficulties are resulting in continuing pressures on the cost of living. Thus the CML predicts an increase to 45,000 repossessions and 180,000 mortgages in arrears of 2.5% or more by the end of the year. Anyone concerned about their finances should to talk to their lender as soon as possible.

Help is at Hand

Housing minister, Grant Shapps, recently unveiled The Preventing Repossessions Fund which will see councils given £19m in cash to offer interest-free loans of up to £5,000 to struggling homeowners. This means a potential reprieve for 3,800 households at a maximum loan size of £5,000 or 7,600 households with loans of £2,500.

The UK government has introduced a rescue package that forces county courts to offer free legal representation to anyone defending against a repossession order. During the course of events leading up to a repossession mortgage lenders may try to take advantage of your situation, however you need to be aware of your rights. There are various steps you can follow to avoid repossession; knowing your legal rights, courses of action, and procedures to follow to avoid repossessions are imperative. Guidance on these steps to stop repossession and the repossession process can be found here; Repossession Rights.

Auctions are the way forward

Based on RICS statistics repossessed houses for sale in the UK are normally sold at 25-30% of their market value. This is obviously of benefit to the savvy investor however not of benefit to the person who had their home repossessed as it means they may not recoup enough money to cover the cost of the outstanding mortgage. We offer the opportunity for people facing property repossessions to sell their house prior to an LPA Receiver being appointed to sell their property on behalf of the lender under repossession orders. The LPA Receiver is generally appointed to sell the home as soon as possible not to achieve the best price possible so that the mortgage lender can recoup some of the value immediately. The vast majority of houses that have been subject to mortgage repossession by lenders are put into Auctions and our online Auctions contain both repossession properties and those at threat of repossession looking to avoid repossession.

If you are a homeowner and facing property repossession in the UK you can register your house to be sold by Classified Advert, Housetrade/Part-Exchange or more favorably by Online Auction. Repossessed house Auctions online can achieve a sale in the shortest time gaining the best price for your property to prevent house repossessions. 

The benefit of using Housetrade

Sellers

If you are facing house repossession and you sell your property through Housetrade as opposed to organisations offering to buy your house for cash the difference is that they will ALWAYS offer you a value that is below the true market value of the property. This is because they need to buy the property cheaper than they will sell it on for. You will notice houses sold in this way will be on the market within days of the sale completing and be advertised for anything up to 15% more than the previous owner sold the property for. Whereas using Housetrade provides you with the best opportunity to maximise the sale value of your home. You may need to be prepared to accept slightly less than the asking price, however there is potential that a few buyers will be interested and you could in fact sell at a higher price.

Buyers

If you are looking at buying repossessed houses then there are benefits too, such as; being able to potentially buy a property below market value, a renovation project, or an investment such as a buy to let. Repossessions in the UK are on the increase, as such more properties will become available in the coming months.

If you have any more questions regarding house repossessions or the options for selling your home to prevent having a repossessed house or to buy repossessed houses through Housetrade.co.uk in the first instance check out the links below:  

FAQs Terms and Conditions Prices Why Choose Us How It Works  

If there are any questions that remain unanswered please don’t hesitate to contact a member of the Housetrade team at info@housetrade.co.uk or call 0161 431 3819.