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where to start

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  • where to start

    hello im after some advice. im 22 a builder just currently settin up my own business. im wanting to get on the property ladder but dont know where to start. iv been looking into repossessions as i think it could be a good way to start. however i just cant seem to get anywhere on search engines etc for the auctions and mortgages. any info or help as to where to start would be great.
    thanks adam

  • #2
    Auctions and repossessions

    Hi Adam

    Auctions and repossession purchases carry a lot of risk. Have you spoken to a professional about the purchase process and initial outlay for these types of purchases?

    What area are you in?

    A good place to look for repo's is in the public notices in local papers. when a repo property (usually marketed through a reputable estate agent) has an offer accepted on it, it has to go in the paper for something called a "7 day notice" to give others the chance to put in a higher offer. this is because the estate agent has a legal obligation to obtain the highest sale price possible on the property.



    • #3
      Keep phoning around estate agents. Dont get put off if they dont have anything yet. It can be a lot of work finding the right property, but it can be very worthwhile.


      • #4
        Hi there,
        I would recommend that you seek some mortgage advice first. I don't want to put a dampener on things, but if you have only 'just started' your own business you may find it difficult to prove your income. Therefore, you may have to settle for a more expensive, specialist mortgage. Consider what you'd be prepared to pay a month on a mortgage and then see an advisor. If it's way over your budget then you may decide to concentrate on making your business successful first. Good luck!


        • #5
          i always found auctions to be a gold nest, but as where theres a will said they do carry alot of risk
          forum http://www.thepropertyforums.co.uk/forum


          • #6
            All of the above is true however consider the following facts;

            Unless you have an established relationship with an estate agent it is unlikely that you will hear about properties requiring renovations, there has been doubt in the past that this may contravene the estate agents act 1979 if they have preferred buyers, however providing that they can support that the buyer is the best possible buyer they are covered. Yes the 7 day wonder is a legal requirement however unless you have the funds in the bank and can proceed quicker and more effectively that those already proceeding it is unlikely that they will change buyers.

            Auctions, great place! probably best concentrating on your area, if this is the route you want to follow, so that you can be 100% that the price is supported with others in the area. Beware auctioneers are very good at bouncing the price up and can spot an virgin buyer a mile away, if you know of anyone that has bought at auction before take them with you. Do your research and talk to a Mortgage Broker to see if you’re able to buy at auction. On the fall of the hammer you’re legally committed!

            Repo’s, apply a lot of research before you chase repos! Remember that the bank is trying to recover all the assets and the estate agent is legally bound to achieve the best price possible. If it is 10k under market value, judge the amount of your time and materials that it is going to cost you. Also work out the resale costs, legal fees, estate agents fees, stamp duty cost lost, Hips etc etc.

            The best advice I would give is to “buy clever” if you buy a property in need of slight work in an area that is up and coming, you could make more than you think. Waiting for the ideal money spinner could take months, in this time you could have your 2nd project underway!

            Good luck if you need any further advice visit my site….



            • #7
              More tea, vicar....?


              • #8
                You need to talk to a company that can help you find below market value properties. You can save a lot of money. What areas are you looking in?
                Portugal Property for Sale


                • #9
                  phone estate agent and tell them that you are serious


                  • #10
                    And if you do intend buying at auction, be aware that with many auctions you cannot just turn up and bid - you have to register beforehand, giving proof of identity and available funds before you can get a numbered card for bidding.
                    Renovation opportunity, 3b det., Carmarthenshire