What is a repossessed property?
Developer: When the developer finishes a project he has no alternative other than to foreclose on uncompleted sales. The developer will not give back the 30% deposit, as they have not failed in any part of their contract, nor do they wish to profit from someone’s misfortune. The developer simply wants to leave the development and get on with his next project. As already mentioned, the developers simply want to move onto their next project and as they have already received about 30% of the purchase price from the previous buyer, they will often let us sell the properties at the original (2-3 years ago) price. This results in the property being approximately 10-50% under the current market value. We have been arranging up to 80% finance for our investor clients on these properties (subject to status and valuation). Obviously, these properties are the ultimate investment and usually sell within days. As we have a large network of Agents and Financial Advisers with investors waiting to buy
