Repossessed Houses For Sale
Our clients have been asking us to find distressed & repossessed properties for them and we are happy to announce that we will soon have something to satisfy these clients. While we have predominately been focusing our attentions on student investment pods, we appreciate the appetite for properties direct from the bank.
We will soon be releasing over 50 properties that had been repossessed in the last 3 years. the properties have come to us directly from the bank and receivers and we are now in the final stages of completing on the entire portfolio. Upon completion of the properties, we will be releasing them to our clients to acquire at favourable discounts between 20% to 35% below current market values. We encourage both cash buyers and mortgage buyers, but we will obviously be more receptive to cash offers on the properties.
These repossessions are all part of one portfolio, of which the majority are no longer tenanted due to the banks inability or desire to maintain upkeep of the properties. The buyer should be conscious of the fact that a significant number of these properties have been held by the bank for approximately three years with little or no maintenance. This means that it is up the the prospective buyer to carry out their due diligence on the repossessed property they are interested in.
Details of The Repossessed Portfolio
The vast majority of the portfolio are located within Greater Manchester with the city of Salford containing a large number of these properties. They are a mixture of 2 and 3 bed terraces, semi-detached and flats. Also within the portfolio are some commercial properties.
We are anticipating sales prices of between £35,000 to £95,000 across the portfolio.
Some Guidelines and Questions Answered
1. What happened to the owner of the portfolio and why did he get repossessed?
The former landlord was threatened with repossession a number of years ago due to their personal situation. We have no other information beyond this which we are fine with.
2. Since this has been with the bank for a few years, what is the condition of the portfolio?
As mentioned earlier, the bank is not generally interested in the upkeep and maintenance of the portfolio. With this in mind, we understand that the condition of most of the properties is best described as acceptable. Again, we must stress that the condition across the 50 units does vary and it is upto the buyer to conduct surveys or make assessments upon viewing the properties.
3. Why should I buy these properties from you? Can I not just use an estate agent?
The process of buying a repossessed property is usually via an estate agent, so yes, you may use an estate agent to buy such properties. However, with the 50 units or so we have will be under our ownership in the next few weeks. This means that unless we assign an estate agent to assist us with the sale, then no, you will not find these with an estate agent. We are comfortable that we have plenty of clients who are interested in fire sale prices to sell the vast majority to our investor clients.
4. If these are bank repossessions, why do Aston Eaves have them? Why not anyone else?
These house repossessions have been acquired by us in bulk, meaning that in effect, we could hold all these properties and make a rental income from them. However, we are not in the business of buying to hold. However, we may look to keep hold a few from the portfolio for our personal portfolios, which is naturally expected.
5. So how many are actually tenanted and how many are empty?
Out of the 50 properties, 8 are tenanted and the remaining 42 are vacant, meaning an occupancy of 22%. This is correct at time of writing. At the time of repossession approximately three years ago, we have been advised that 85% of the portfolio was tenanted.
This concludes the current information we are releasing on this housing portfolio. More information will be released as and when we have finalised the acquisition of the portfolio. If you wish to pre-register your interest in the repossessed properties we have, then please do get in touch.