In recent years repossessed properties have become sought after because building societies or banks may only need to recoup the outstanding mortgage on the property and therefore may accept an offer well under usual market value.
This is the name given to describe a property which has been seized by a bank or building society when there are outstanding mortgage payments. It is sometimes necessary for the lender to repossess a property where a homeowner fails to keep up their mortgage payments often unfortunately as a result of losing a job or as a result of overborrowing. Repossessions have often been neglected for some time which can mean a lower price reflecting the amount of work needed. Capital Property Lists search for repossessions and put you directly in touch with the people marketing the properties.