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In this episode, Nick delves into the pros and cons of purchasing repossessed properties. He explains what a repossessed property is and highlights the potential benefits, such as acquiring properties below market value, the absence of property chains, and the speed of transactions when dealing directly with banks. However, Nick also addresses the challenges, including the risk of hidden damages, competition from other buyers, and potential legal issues.
KEY TAKEAWAYS
Buying repossessed properties can offer opportunities to purchase below market value, as lenders are often eager to sell quickly to recover their costs.
Repossessed properties typically do not involve a property chain, which can expedite the buying process and reduce the risk of delays.
There may be significant repairs needed, and hidden issues such as damp or structural problems can arise. Conducting thorough inspections and surveys is crucial.
Buyers should be aware of potential legal issues associated with the property, such as outstanding debts, and check the status of utilities, as reconnection costs can add to expenses.
Many repossessed properties are sold at auctions, so it's important to understand the auction process, including associated costs, and to set clear bidding limits to avoid overspending.
BEST MOMENTS
"The potential for buying it a lot lower than market value. It's the golden egg that all property investors want."
"You need to go into these auctions knowing your numbers, knowing how much you're going to spend on it."
"There may be outstanding debts or legal issues associated with the property that can complicate the progress of the purchase."
"It's essential to conduct thorough surveys and inspections with a repossessed property, because you need to be identifying any potential problems."
"Do not exceed your researched figures. Stick to your figures, that will help you reduce the risk of going wrong."
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HOST BIO
Nick is an award winning property investor, voted Fastest Newcomer 2022 by Premier Property, and is an accredited Retrofit EPC Assessor. He sources and renovates properties for himself as well as other investors. While doing this he has developed his own systems for efficient investment, such as developing his own methods to save time when viewing properties and estimating market values and potential returns, costing out renovations.
He spends three months of the year abroad and while there continues his business with use of modern technology and his proven systems.
Location freedom has always been his "Why" for being a Property Investment and has now reached his ideal of the colder months spent in Thailand and the rest of the time in the UK, all while continuing to run his business
This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/
