Podcast Summary
Mortgaging Repossessed Properties: Repossessed properties can provide great value for investors, but it's crucial to move quickly and conduct thorough checks due to the seller's duty to get the highest price possible.
Repossessed properties can be mortgaged just like any other property, as long as there are no issues with the property itself. Cristiano, who called in to the Ask Rob and Rob Show, asked about the mortgageability of repossessed properties and the tactics to consider when entering such deals. The reason for repossession is usually due to the previous owner's inability to keep up with mortgage payments. However, it's essential to remember that the person selling the repossessed property is under a duty to the lender to get the highest price possible. This means that the property may still be marketed to other buyers even after an offer is accepted, and you may need to move quickly to complete the sale. It's crucial to make all the usual checks on the property and be aware of any potential additional costs or complications. Overall, repossessed properties can offer excellent value for investors, and with careful planning and due diligence, they can be an excellent addition to your property portfolio.
Efficiently handling repossessions: Work with a broker prioritizing a quick lender to ensure deals go through efficiently when purchasing repossessed properties, and be prepared for potentially less property information, requiring a more comprehensive survey.
When dealing with repossessions, time is of the essence. The property continues to be marketed even after an offer is accepted, so it's crucial to work with a mortgage broker who can prioritize a quick lender to ensure the deal goes through efficiently. Additionally, there may be less information available about the property, so a more comprehensive survey might be necessary. Other than these considerations, purchasing a repossessed property isn't inherently different or scarier than buying any other property. It can even present an opportunity to secure a good deal. Now, let's move on to Baz, another property investor, who's here to discuss Brexit's impact on the market.
Birmingham house prices: Rob and Rob not overly concerned about a crash: Despite price increases in Birmingham, Rob and Rob believe the city will do well long term. They encourage questioning information and debating market insights.
Despite the recent steep rise in house prices in Birmingham, which is not consistent with the typical growth over the last few years, Rob and Rob are not overly concerned about a crash in the property market after Brexit. They acknowledge that Birmingham may experience a blip, but they believe the city will do okay in the long term due to its maturity in the market. The caller's concern about significant disproportionate price increases and outbidding by owner occupiers is noted, but Rob and Rob emphasize the importance of questioning information and having different perspectives. They encourage a healthy debate and value the caller's insight into the Birmingham market.
London and Birmingham property markets to recover: Despite market uncertainty, London and Birmingham property markets are expected to recover due to their resilience, with buyers returning once the situation is resolved, leading to increased market activity and price support.
Despite current market uncertainty and a potential slowdown in growth, the speakers believe that the property market in London and similar areas, such as Birmingham, will eventually recover. They argue that the resilience of these areas is demonstrated by the fact that prices continue to rise, even with fewer buyers in the market due to uncertainty. They suggest that once the situation is resolved, buyers will return, leading to increased market activity and price support. A crash in the property market immediately following Brexit is considered unlikely, but as always, it's important for individuals to do their own research and form their own opinions. The speakers acknowledge that they have been wrong before and will likely be wrong again.
