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Whether you're a would-be owner-occupier or a landlord, the route to property purchase in Scotland is fairly clear. Most homes for sale are marketed through an estate agent, many of which operate as solicitor-estate agents. However, there are other methods. Let's look at three of them.

1. Repossessions

Anyone who defaults on their mortgage risks their lender selling the property to recoup the outstanding money. Most of these properties belong to private owner-occupiers, but others are owned by developers and buy-to-letters who ran into financial problems.

Bag a Bargain..

Repossessed homes can go for bargain-basement prices. This is because time really does equal money for the lender who's selling the property. And although the seller of a repossessed property has a duty to get as much money as possible for it in order to minimise financial losses for all concerned, in reality these homes tend to be priced cheaply for a speedy sale. In Scotland, this also means that the closing date for final offers may be earlier than might be the case for a comparable property being sold by an estate agent. From a would-be buyer's perspective, this means needing to be ready to make an offer and proceed with the purchase more quickly than usual.

..But Be Wary

Although frequently cheaper than other similar properties, repossessed properties can contain pitfalls for the unwary buyer. For instance, while an average discount of between 10 and 30 per cent off market-sold property prices is enticing, it's wise to assume that the bigger the bargain, the worse the state of the property. Repossessions frequently need significant work that extends far beyond the merely decorative. Often this is a consequence of the financial situation of the previous owners that ultimately precipitated the repossession. Sometimes, however, it can even be deliberate damage. Knowing what you're buying is essential: get a survey, ask a builder or other relevant trades person for a quote, and make sure your offer accounts for any necessary work on the property.

..And Remember

- To check whether the property's utilities are still connected. Electricity, gas and water supplies are commonly turned off to repossessed homes.
- To check your credit rating soon after buying a repossession. This is to ensure that your credit record hasn't got mixed up with the previous owner's.
- To find out what has happened to any tenants living in the property, as buy-to-let homes are frequently sold with tenants in situ.
- Finding a suitable repossession to buy is mostly about being in the right place at the right time. Your estate agent/solicitor may be able to point you towards likely candidates, although you may need to ask as repossessions are not always advertised. Alternatively, you could sign up to one of several online specialist property consultancies, such as Property Secrets. In return for an annual fee, these businesses will send out lists of "bargain" properties to subscribers. EIG offers a similar service, albeit mostly focused on auctions and with a considerably higher subscription.

2. Auctions

Some repossessions filter through to auction houses. Usually these are those that are the hardest to sell, but sometimes it's simply because the bank is looking for as speedy a sale as possible. A need for speed or a hard-to-sell property are also the two main reasons why other (non-repossession) properties come to auction in Scotland. These can lead to bargain purchases for buyers, especially if an auction is not well advertised and so attracts fewer potential bidders.

For buyers in Scotland, looking to purchase through an auction has one particular advantage. On the open market, properties are sold using a "closed bids" system, which means buyers have no idea what competition they're up against. In a heated market, such as Edinburgh's, this can lead to spiralling prices and a winning bid that far exceeds the valuation in the Home Report. Of course, a good solicitor with in-depth knowledge of recent sold property prices, current demand and the likely level of competition can often guide a buyer towards pitching an appropriate offer, but this isn't foolproof. Buying at auction, on the other hand, brings a buyer's competitors into the open. Although it doesn't stop two determined buyers entering into a bidding war and driving the price upwards, it does ensure no one is bidding in a vacuum.

The trickiest part of buying at auction is often identifying a suitable property. Compared to the number that come up for sale on the open market, there simply aren't that many. However, if you're thorough and persistent in your search and register for catalogues with the auction houses that cover Scotland (many of them are UK-wide), you may uncover a gem. At this point, the standard rules for buying a property at auction anywhere in the UK come into play:

- View the property before the auction.
- Decide on your maximum bid before the auction starts. Be guided by your solicitor, and make sure you take into account any work that needs doing on the property. As with buying a repossession, take expert advice on the likely cost of such work.
- On the day, don't be tempted to exceed your upper limit.

3. Private Sales

Choosing to buy privately is an accepted method of acquiring a property in Scotland, albeit with the important caveat that a solicitor or licensed conveyancer should conduct the legal work. Finding a seller looking for a private sale is, of course, another matter. Sometimes this can be a matter of chance - perhaps as a result of a conversation with a friend, neighbour or colleague. Occasionally it can arise out of an active search, such as by leafleting houses of interest in a particular neighbourhood. However, some private sellers may market their property through classified ads in a newspaper or on the internet. Agencies such as Rettie & Co. offer a middle way: a discreet private service that involves no public marketing, with only registered buyers having access to the properties on the database.

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