Many would-be property entrepreneurs study the auction catalogue's photos and layouts for a particular property and form a judgement on that basis. You really need to pay a visit to any property to form an accurate judgement of it. You should see what it is like inside and out and - just as important when it comes to selling on and profiting - check the neighbourhood as well.

You should view a repossessed property in just the same way that you would look at any property for purchase. But there are other tips from the experts to consider too. Bear in mind that this is a repossessed property - you're not buying from the owners in the conventional manner. You are buying from the lender. What this means in practice is that the lender has never really been in the property.  As significant, the property has probably been standing empty for a while. View with this in mind!

As you're buying from the lender, you need to be aware that anything that's not part of the property such as movables isn't going to be owned by the lender. You will need to check exactly what is and isn't included. You should do this anyway, but just be a little more careful with a repossession.

If the property has been empty for a while, it's possible that various systems and supplies may have been switched off, disconnected etc. You should normally check that systems work to your satisfaction  - but recognise that this may not be so easy to do with a repossessed property.     

It's a good idea to think about how appealing the property is likely to be to a buyer. Have a look at the immediate neighbours. If it looks like you have 'the neighbours from hell' living next door, it could make it harder for you to sell quickly and at a high price!

See if the properties either side and around are all neat and tidy. Check that they have well-cared for lawns and driveways rather than being a property with peeling paint, scrap-heap bangers and rotting bin bags. You may get a repossessed property on the cheap but to profit, you have to sell it on!

Look over the road and up and down it too. See if you can see any nasty neighbours. It's sensible to walk or drive by at night and on Saturday evenings - just as any would-be buyer with any sense will do before making an offer. There may be gangs of teenagers hanging about and other off-putting activities taking place.

Consider how attractive the neighbourhood is generally. A would-be buyer will probably want to see various facilities close by. As a guideline, the more convenient the location of the property, the higher the property price!

Apply common sense. Tube stations, bus stops and railway stations are all usually plus points if they are nearby - but not if they are so close that they affect the owner's enjoyment of the property. Few people want to pay top price for a window-rattling property that backs up to a busy railway line. It's the same for nightlife - clubs, pubs, bars are all potentially appealing if they're near enough to walk or drive to but not if you have to listen to the music at 1.00am.

Make a list of all the things that a would-be buyer would like to be near (or away from!) - convenience store, a takeway, clean and tidy park, primary school, doctors' surgery etc. If you can spot some of these within walking or driving and parking distance you may have found a good buy!                                             

If you're looking at a property that might appeal to a family with school-age children, check out the local schools and their catchment area.

For many families, schools are a key factor when choosing where to live. Think carefully about the property's proximity to good schools.

Think also about proximity to areas people prefer to avoid, like cemeteries, prisons, abattoirs!

Again, apply that common sense! It's often said that being near a good school can add thousands to a property - but few will want to live too close and have school children sitting on their garden walls drinking coke and eating crisps, shouting and swearing and dropping rubbish everywhere.

What you are really looking for is a location that falls within the catchment area of the best schools in the area. If you want to find out which schools are the best - and the worst, of course - get chatting to local parents. They should tell you what's what.     

If you're planning to hold on to the property for a while, you will want to buy in an up-and-coming, increasingly prosperous area where property prices will rise. Study the shops, the estate agents, the wine bars and the restaurants to get a feel for the area.

The area should feel as though it is on the up. You will want to see new shops opening and fewer and fewer empty units. Younger estate agents moving in can be a good sign too. It's the same with restaurants and other places to go.

Walk or drive around the wider area. Out-of-town superstores and new industrial estates all suggest an area that is on the rise. Check again with planning at the local council - if you can see more business developments coming up, all the better. The more business that comes in, the more people coming into the area who need housing.

As you're doing this to profit, you should also find out what comparable properties nearby are selling for and have sold for recently. You've got to put yourself about, visiting estate agents, getting particulars, talking to the agents and viewing similar properties to get a feel for what this property is worth on the open market today.

That's the ballpark figure that you then have to work back from. What you have to do is take that, deduct your costs if you were selling it (estate agent's fees, solicitor's fees etc), deduct your target profit (whatever it is you want to make from this deal) and deduct your purchasing costs (mortgage, survey, legal fees etc). That then leaves you with your bidding limit