Spotting a repo!
If you ever look at photos of a property on Rightmove and notice lots of black and yellow tape over sinks, baths, toilets or even sometimes radiators or boilers, you’ll wonder why. It’s simple. It’s repossession. They get their services turned off so the property isn’t at risk if someone breaks in and robs the radiators for scrap.
Often there will be a notice stuck to one of the front windows or doors which also indicates that it’s a repo.
What does it mean?
It means that the sellers (normally the bank) appoint agents to get the best price for the property that they can. It means you normally have 4 weeks to complete on the property, surveys are limited as gas and water can not be turned on to be checked, and you can be gazumped at any point. They are normally publicised with a public notice in the paper and on websites. If you need a mortgage on a property then that can cause delays. You must be prepared to move quickly on repossession.