Where To Find Foreclosed Properties In England
Anybody who has ever delved into the property market knows that one of the best ways to make a killing is to find foreclosed houses for sale, buy them at a bargain and then flip them for a tidy sum. This is almost every investor’s dream come true. Which would lead most people to ask, why don’t all investors do this?
The truth is that sometimes, finding these houses can be almost impossible. For starters, there are investors who already have a main line of communication with parties who know well in advance which properties are going to be foreclosed or repossessed. Which means that they get a head start when it comes to buying these properties. Regular investors will almost never even get wind of the availability of these properties before they get lapped up by those in the know.
That is why you need to be part of the people in the know. If you are going to make money in the property market through this type of investment, then you need to know where to find foreclosed properties in England.
Keep in touch with estate agents, local property administrators and auction houses
When mortgage companies sell repossesses houses, they almost never do so directly to buyers because they believe it will decrease the value of the home. So they often go through one of three options:
- Estate agents
- Local Property Administrators (LPA) Receivers
- Auction houses
The trick is to find key personnel within these options and create a main line to them. These are the people who can give you notice on when properties come up for repossession so that you can bid well in advance of it’s going on the market.
One trick to start connecting with these people is to constantly attend property-networking events on a regular basis. It’s likely to find investors who already have contacts that notify them of foreclosed properties and all that. If you’re wondering why investors would even share this type of info, that’s because they can’t buy all the foreclosed properties out there. So if they have an estate agent friend selling a property they can’t buy, the best they can do is refer that property to another buyer to help their agent friend earn a commission. So be friendly in these gatherings and you will find investors who can share valuable info to you.
The events I usually recommend are the Pin Meetings of Simon Zutshi and the We Buy Houses Community Meetups of Rick Otton, because they always conduct multiple events in a single month. So if you miss one, you can always schedule for another time.
Scout property listing sites
Sites such as Zoopla or Rightmove often advertise properties that are selling well below market value. Keep an eye out for specific wordings that indicate properties that will immediately go on auction. Terms such as ‘public notice’ or ‘final offer notice’ means that the mortgage company is doing what it is mandated to do to try and find the best price on a repossessed property despite there being offers already.
Keep an eye out for telltale signs
There are some telltale signs that can indicate a repossessed house that is on the market. When you are driving around or looking at the pictures on your favourite listings websites, keep an eye out for any one of these signs:
- Wooden boards or metal grates on the doors and windows
- Notices on the windows and doors for the owners to come and collect their property
- Signs on the water taps that say, ‘Do not use’. This is mostly because the water has been shut off to prevent any leaks.
It is not very easy to spot these below market value houses for sale. But just driving around, going to several showings and scouring the local property listings companies will give you an inkling of which properties might be foreclosed properties. You just need to know what to look for and who to speak to; someone on the inside.