Repossessed Property

Repossessed Property is property that has been taken into ownership by a lender, when a mortgage or other loan has not been repaid. The lender recoups their money by repossessing the property and reselling it, either on the open market or by property auction.

Property auctions are popular amongst property investors as repossessed properties are often available for a lot less than their market value, providing an opportunity for a profitable investment.