Where do I buy houses that have been repossessed by the bank?
Based on England. I have been selling repossessed property for 10 years, you can buy them at an auction and through an estate agent. In my experience the lenders in possession undertake three independent valuations/market appraisals. So they are not initially any cheaper when coming onto the market. When selling through an agent they may not even accept an offer of the asking price if the property hasn’t been advertised at least twice. Even when an offer is accepted, there has to be a public notice inviting any further offers. The price will only be reduced over time as the lenders have to try and achieve the best price possible in the given market condition at the time.The main reason why you can pick them up cheaper is due to the fact that they have to sell, and the buyers know that which affects the offers, also, they can sometimes be left in a bad state of repair by the previous owner.
