5 Repossession auctions are already planned.
These are properties reposessed by lenders. The amount raised at the auction will go towards paying off the loan.
However there does seem to be a downside
" A 10% “Buyer’s Premium” plus VAT will be added to all winning bid amounts to establish the total purchase price.
Example: If your winning bid amount = £100,000, the 10% Buyer’s Premium would be £10,000.
£100,000 + £10,000 plus VAT (£1500) = a total purchase price of £111,500. It’s that simple!" says REDC.
That's 11.5% less to go towards paying off the loan of the repossessed person.
Local auction houses charge more reasonable rates.
Perhaps the lenders cannot be bothered to achieve best prices!
