Everyone wants to get their hands on a cheap repossessed house, BUT how do you go about finding those repossession houses. Repossessed housing is more often than not cheaper than other property currently within the marketplace, it can be ideal as a starter home or even as a potential business opportunity for example buy to let. Here are a few ideas, tips and suggestions as to how you can go about finding that affordable repossession property.
1. Get on board with all of your local estate agents – Get your name, number and contact details down with estate agents in and around your area – get them to contact you when they get any new properties on their books.
2. Get in contact with all of your local banks, building societies, mortgage companies and similar – Get your name, number and contact details down with these types of businesses in and around your area – get them to contact you when they get any new properties on their books. These types of businesses will probably be the ones who will get hold of repossession properties before anyone else.
3. Put adverts or similar in your local press and media, for example repossession property wanted and/or similar. Let people know what you are after, where and for how much. Remember that people cant give you something if they don’t know what you want.
4. Visit local property auctions. Find out about these through word of mouth, in your local media and press and on the internet. Find out what’s being auctioned , when and what the guide prices are.
5. Use your own initiative – by this I mean get out there, start handing out flyers, business cards and anything else you can to promote and tell people that you are actively on the lookout for properties that are being repossessed or in the process of repossession. Perhaps you could even offer a referral or incentive fee for any one who gets you a valuable/qualified lead (a repossession house/property)
6. Keep your eyes and ears to the ground, keep in touch with anyone and everyone, you never know who you might meet – who might in turn put you in touch with those little gems known as repossessed property.
7. Start networking with both businesses and individuals, they might just literally hold the key to your repossession property.
I hope you have found this article both useful and helpful. Good luck with finding repossession properties, remember to put yourself out there enough, and get to know a bit more about your market and marketplace that you are in or considering entering.