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findapropertyAuction houses are seeing a significant increase in repossessed lots.But is a repo always the best buy?... more · Knocking Down A House: Guide To Auctions ... www.findaproperty.com For some first-time buyers, would-be investors, and professionals alike, the words "by order of receiver for mortgagees" are enough to get their pulses racing. The chance to grab a property at as little as 60 per cent of what the mortgagor originally paid is certainly hard to ignore. And, according to figures from repossessed-house-sales the number of repossessed properties appearing at auction has risen to over 21 per cent of all residential lots offered (Q2 2008), so it should be an ideal time to start bidding. But is it quite so simple? Repossessed houses are sold on average 36% below market value HERE1 |
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