Guess there must be plenty of people on here that have bought repo's so am after a bit of advice on any potential pitfalls or tips on buying them ...I'm going to view one tomorrow and having done a drive by tonight with a quick look through the windows and it seems there's no boiler, no kitchen and a lot of crap everywhere (not real crap, hopefully). Am guessing there are probably no bathrooms left either but that is all fixable.

Any advice?

No, can't find it on the Internet anywhere

Used to repo loads of houses back in the early 90's for Nationwide, most folk had just chucked their keys in, really sad.

However, quite a few stripped the houses bare, especially anything that could be sold. These days anything metal will be a candidate for that so always assume the worst.

Buying/bidding process can be a pain as lender has to show best possible price obtained so assume you WILL get mucked around along the way. Also be wary if getting a mortgage, many lenders will not advance where there is no bathroom or kitchen.

Other than that, nothing to it!

Eyes open maybe, but nose definitely shut. Without running water properties very quickly start to smell.

Repos can be fine and can be a nightmare. The building itself could be a bit of a bargain and if you intend to do a lot of work on a house anyway or know what you are doing the condition shouldn't be a concern. The procedure can be a bit painfull (if you don't like the idea of the bidding process or the possibilty it may be "stolen" from under you but that's the way it is. Lawyers can take care of any potential issues relating to charges on the property but you still hear the odd horror story of loan sharks returning for their money. That wouldn't stop me.

But do check with your mortgage company carefully about their attitude to not having a kitchen or bathroom. Expect to have to move quick if you bid and are accepted.

Mortgage is all agreed and available when we need it, the buyers of my house are cash buyers so should be in a position to move quick - Am a bit concerned about the fact it can be taken from under our nose at the last minute, but guess that's the risk if we really want it.

Guess I'll just have to see tomorrow...don't mind a bit of work, in fact I quite like the idea, but it's just those hidden things that worry me...fingers crossed!

We've bought loads of repossesed properties & first thing to do once you get it is get the electrics & plumbing properly checked. Some of the "improvements" previous owners of repos make can be frightening. Last repo we bought had a gas fire fitted with Speedfit fittings & rather than use the proper chimney tube for it they had used a flexible 100mm tube you'd use for an extractor fan. The kitchen also had a plug socket which had been connected to the lighting circuit...

Also budget for new doors & furniture as they seem to get a good kicking when the previous owner is on the way out.

Can be a cracking buy though if you're prepared to do some work which to be fair, you'd probably do anyway once the missus gets involved

Do bear in mind that the previous owner may come round for some "restitution" when you are nearly completed!

He'll get a good hiding if he does

My last one I put the offer (way way below asking) in writing including all other info such as solicitors etc. Gave them a guarantee of completion within 28 days of acceptance of offer. I got it over two more buyers who offered asking but couldn't back anything up.

So what is the best strategy to take to make sure we get it? I mean in the sense that there's obviously a lot of property developers after these (there were some there when I turned up yesterday). Do we put in the first bid at or close to asking price (once the Guide price is set) in the hope that everyone else is trying to get it cheaper? The estate agent told us that would be the best way and that as first bidder we would get the preference, but not sure if that is just estate agent patter...