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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.

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How to Really Buy a Property

"... 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..."

"... 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..."
"... 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..."

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Author of How to Really Buy a Property

I'm Tim Hill, Author of How to Really Buy a Property. I'm a property buyer, seller, landlord, tenant and I've been an agent in hundreds of transactions. I own a property portfolio across Europe but that doesn't mean I think you should to!

This book is my collective knowledge and experience that I have gained working within the property market of England and Wales for over a decade. I've written it so that you can benefit from what I have learnt whether you are a first time buyer or a budding buy-to-let investor.

There are no gimmicks here and no get rich quick schemes - just practical no nonsense advice so you can buy the property you want at the best price with the least stress.

Download the Free Preview copy right now. I won't be asking for your email so I can bombard your inbox with 'special offers' and 'discounts' because I know most people who read the Free Preview buy the full copy. See for yourself!