If the owner of a property is unable to make the interest payments on any debt secured against the property, the lender (usually a bank or building society) will ultimately repossess the property.
The bank or building society will then list the property for sale on the open market. The lender usually requires a quick sale with a short deadline, and are concerned first and foremost with recovering enough funds to repay the debt secured against the property. Repossessed properties are also more likely to be in poor condition.
The short timeframe and possible condition problems can mean opportunities for the astute property investor.