Buying a repo house

Looks like ours has finally sold.
Now looking at what to buy next.
There are a load of houses that were 300k two years ago on for 175-195k now, in mint condition.
However, I have also found a 5-bed detached repo on at 135k because whoever owned it before put a sledgehammer through the bathroom and kitchen, making it unmortgageable.
It needs 15k lobbing at it.

So so tempted.

However, believe it or not, the moral side of me is feeling bad for whoever lost the house and had it repoed.

Could you buy a repo knowing the dreams of someone else fell apart there?

At that price....defintly.

my morals are however, quite limited

If you dont buy it someone will

rightyho

However, I have also found a 5-bed detached repo on at 135k because whoever owned it before put a sledgehammer through the bathroom and kitchen, making it unmortgageable.
It needs 15k lobbing at it.

So so tempted.

However, believe it or not, the moral side of me is feeling bad for whoever lost the house and had it repoed.

Could you buy a repo knowing the dreams of someone else fell apart there?

How does some sledgehammer work make a property unmortgageable?  The value is in the land for the most part.

I don't really understand the issue of buying a repo either.  What effect does you purchasing it have on the dreams (or lack of) of whoever lived there last?  Buy not purchasing it, are they any happier?

5 bed detached house for 135k - where?

Mellowman


5 bed detached house for 135k - where?

Mate, check out the disasters at Hampton.

Woudnt bother me as said someone has to buy it,not like you threw them out is it.
Lovely 4 bedder just gone up on my street,just dreading who moves in :(

Wheels

How does some sledgehammer work make a property unmortgageable?  The value is in the land for the most part.

Needs a kitchen and bathroom to be classed as habitable and, hence, mortgageable.

rightmove?

Gordon etc know of a few going now.
There are a few on the net this morning at £200k where the new build next door is at £300k. Same houses.

rightyho


However, believe it or not, the moral side of me is feeling bad for whoever lost the house and had it repoed.

Could you buy a repo knowing the dreams of someone else fell apart there?

Yes, even if they were outside the house crying and pleading not to sign i'd still sign and then go home and make an omelette or something.

Does it make me a bad person? No because if i didn't sign someone else would.

If their house is getting repossessed thats their problem, and not mine.

5 bed detached house for £135k - where do you live Righty? That buys a 2 bed semi in a "bad" area, or a 1 bed flat in an okay area, in this part of the world! Even repo's don't go for anywhere near that - surely the area is a sh1t hole?

It normally buys a 3-bed semi here mate but the amount of repos is scary, and prices are dropping by the week.

There are decent 3-bedroom houses on Rightmove right now in this city for less than £70k.

You can tell they're repos because of the sealing tape put around the toilet in the photos.

My god i wish i had more money, would love to snap a couple if them up as as investments

Blue_Lagoon3000


My god i wish i had more money, would love to snap a couple if them up as as investments

Weep.

http://www.rightmove.co...Type=houses&index=20

Some good deals there, only way up for those babies..

Blue_Lagoon3000


Some good deals there, only way up for those babies..

I've got quite a lot of money riding on the fact that the only way for those babies is down.

Wheels

Blue_Lagoon3000


Some good deals there, only way up for those babies..

I've got quite a lot of money riding on the fact that the only way for those babies is down.

How can a 3 bedroom house at 60k go down? 

Not familiar with the area but thats a lot of house for the money imo

Blue_Lagoon3000

How can a 3 bedroom house at 60k go down? 

Not familiar with the area but thats a lot of house for the money imo

Easy, no buyers = worthless.  A quick look at sold prices and that property was selling for 30-40k in 2002.  That might be the bottom of the market assuming a slight overcorrect which I would expect. 

The recession is far from over remember, there is still a lot of pain to come.  Until you see the average house price getting close to 3-3.5x average income, then there is still room for the market to fall.

http://www.housepricecr...-average-house-price.php

That is a classic bull trap.  The real dip is still to come.

we had a look at a repo house last year - the people who got chucked out had put red paint on the walls that said " f*ck the gov" "welcome to the house of hell" they had ripped the kitchen and bathroom to bits and so we have been told poured cement into the pipes.

To be honest I dont feel one bit of sorry for someone who loses there home in those circumstances - they where morgaged to the hilt and had put these fancy lights in and other bits - house was half decerated.

My only concern is that with these repo houses the people may came back and but a brick in window or cause trouble - face it if they lost the house and drove/walked by a year later and saw someone else all happy they may get bitter and do some damage.