What does 'Repossession' mean?
Repossession
When a home owner can not pay their mortgage for several months the mortgage lender often has the power to take the property and sell it themselves in order to recover the debt. The process of taking the property away from the owner is known as repossession. Mortgage lenders often want to sell the property fast and so place it in an auction or price it just below the market rate. As such they are often bargains but the buyer must be able to move fast and there are strict time lines from offer to exchange.
Search Results for 'repossession' in How to Really Buy a Property
Chapter 2:
The Media and Property Prices
"...All the facts are true, no one can deny it, but some of them are missing. Furthermore the last sentence contains the dramatic concept of repossession although anyone who read or listened carefully would realise she could sell her house and repay the mortgage. This is not a mortgage story, it is an employment story dressed up to look like a mortgage story.
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Chapter 14:
Viewing Properties and Making Offers
"... assume you know them.
The most frequently used are:
First Time Buyer
Chain Free and Vacant Possession
Tenanted
Cash Purchasers Only
repossession
Leasehold
Share of Freehold
Freehold
- First Time Buyer -
Originally this term arose to mean exactly what it said, "A buyer who has..."
"... and no insurance company will cover them
They have no inside bathroom
The lease is extremely short (see below)
They have no kitchen
- repossession -
Every so often someone does not keep up their payments on a debt secured on a property. The lenders' response is to take the property back..."
"...This means repossessions can be cheaper than the normal market rate but only slightly, about ten percent. There are often far stricter requirements placed on you as the buyer. The lender may say they are only prepared to accept offers from buyers able to exchange within two weeks so check these restrictions carefully.
..."
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