Property auctions: Someone’s misfortune – your golden opportunity?

Posted by Credit expert

September 27, 2008

The number of repossessions is soaring. In the first half of 2008, almost 19,000 properties were repossessed – up by nearly 50 per cent in a year, according to figures from the Council of Mortgages Lenders. It’s a dreadful situation for those who have lost their home. But macabre though it may seem, if you are on the hunt for a reasonably priced property, snapping up one of the repossessed properties now flooding into auction rooms around the country, could mean cutting the cost of your new home by as much as 50 per cent. And though no one really wants to gain from someone else’s problems, those savings are difficult to ignore.

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