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TODAY'S OTHER NEWS

Repossessed homes now sell for 104% of market value, claims agency

Spicerhaart claims that it achieved an average of 104.29 per cent against the market value on properties that were taken into possession and sold last month. 

This firm - which handles repos through its corporate sales division - says the figure is up from an average of 96.73 per cent in the preceding three months.

It claims this disproves the long-held belief that repossessed homes are sold off cheaply. In addition it says that each repo property completing last month achieved an  average of 24 viewings and five offers.

“The process of inviting higher offers up to the point when contracts are exchanged ensures that the eventual sale has a positive impact on the borrower in terms of a higher sale price. It also focuses on shortening the time it takes to achieve a sale” explains Spicerhaart in a statement.

Client account manager Dave Miller says: “It is a myth that repossessed homes are sold off cheaply. We have a duty of care to get the best possible price for a repossessed property. The market was quite slow towards the end of 2018, but things are now starting to pick up, so, by taking advantage of the current levels of demand for properties throughout the country we are able to get the best price for both the borrower and the lender.”

  • Andrew Stanton Estate Agency Insights And Strategies

    With the present shortage of property coming to the market, and given that repossessions are chain free, and often in the lower price bracket, it is of no surprise that they are selling marginally above suggested selling prices. Also, as the marketing prices are set after the lenders have very detailed and accurate information on likely sale prices, these properties tend to get more attention from buyers as they are more realistically priced at point of sale.

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