Repossessed Houses For Sale In Leamington Spa
As Leamington Spa estate agents, we know that there are as many types of properties as there are types of buyers – and the choice can sometimes be overwhelming! We want to discuss the details of buying repossessed houses, a possibility that many don’t consider when buying a property in Leamington Spa.
Properties can be seized by a mortgage lender when the previous owner fails to meet their mortgage repayments. The lender will then arrange to sell the property as soon as possible in order to recover their losses as well as to prevent further debt, as the property will be losing them money the longer it goes unoccupied. Properties of this type can come with some extra work you may not find in a standard house sale, but they do have their benefits as well.
Renovating Repossessed Houses
For buyers looking for a project in the Warwickshire area, it may be worth considering a repossessed property. Many repossessed houses tend to require some renovation, so if you’ve got a vision in mind, a property like this might be the blank slate you need.
However it is important to note this may include staples such as fixtures and fittings in the house, so be sure to keep this in mind when budgeting for buying a house.
No Onward Chain
Another benefit to purchasing a repossessed property is there is typically no chain involved. This is especially beneficial for those seeking houses for sale in Leamington Spa because they are moving for work or trying to complete their own sale quickly.
Sellers of repossessed houses will want to sell the property as quickly as possible in order to recover the money owed for the property and to avoid any further losses. Depending on how in-demand the property is, in certain situations repossessed houses can sell for up to 30% less than the expected market value.
However, as discussed these properties often need renovations, which the seller is unlikely to action before selling as it is in their interest to keep costs down as much as possible. Therefore it is important to factor this work into your budget to determine whether you are getting a good deal when purchasing this type of property.
Things To Watch Out For
It is important that you consider a few things when looking to buy a repossessed house. As mentioned, repossessed houses often come needing renovations and potentially repairs so it is important to be aware of how much needs doing and how much it will cost to avoid any unpleasant surprises further down the line.
Also be aware that you may receive debt collection letters addressed to the previous owners – whilst it is a slight inconvenience it is important to get in touch with the companies sending them to let them know the situation to save yourself any future hassle.
Another important factor to consider is that the utilities may have been switched off at the property due to missed payments by the previous owners. Whilst a bit of inconvenience, most energy companies tend to switch these back on for free (although watch out if the house has a phone line, as these sometimes come with a charge).
Repossessed Houses in Leamington Spa
Buying a repossessed house isn’t for everyone, but for those in the market they have the potential to be a great investment. If you’re unsure if a repossessed house is the property for you, any of our expert estate agents in Warwickshire would be happy to talk you through the details and discuss your options with you.
Due to the nature of these types of properties, we don’t always have repossessed houses for sale – if these are the types of properties you are interested in, feel free to get in touch with our team of local estate agents and let us know. We can inform you if and when these types of houses go up for sale.