Attorney Ned Pillersdorf and his client Chris Hamby explain how a bank wrongfully foreclosed on Hamby's house.
Repo homes are in great demand in today's real estate market. Foreclosure properties and repo homes give investors a chance to buy real estate for way below market value, and as a result, more and more buyers are turning to foreclosure properties for their home purchases.
Repo homes, also known as repossessed or real estate owned houses, are essentially properties that are seized by lenders when the borrower is unable to make required mortgage payments. Generally banks, government agencies or private institutions repossess these types of houses, since these are the major providers of mortgage loans in today's market. Government repo homes are made up of houses which were financed through Federal Housing Authority loans, or FHA loans. Bank repo houses consist of real estate properties that are under bank-sponsored loans. Once a lender seizes a house the foreclosure process begins, which inevitably ends with the home being sold off to the highest bidder at a public auction.
Buying repo homes can be extremely profitable. Generally, these houses are sold at prices that are far below their actual market values. Lenders often do this because they want to get their money back quickly. Often these repo homes can be acquired at prices 10% -30% lower than their actual market values. Repo homes buyers can find houses at amazing prices; not excluding apartments, condos, houses and even commercial properties. So if you're on a limited budget or just looking for a better way to increase the value of your investment, repo homes are definitely worthwhile looking into it.
It's important to remember that while buying repo homes can be quite profitable, you still have to know how to ensure you're getting a good deal. That’s where HouseRepos.net can help.
We'll teach you how to choose the right repo house from among many by providing tips and advice on speculating costs, inspecting properties and checking for additional liens on properties. All of these choices have an effect on your end result. But there is no need to worry. We’ll teach you how to account for everything so that you can choose the repo house with the best chances for future value.
In addition, you'll receive valuable information and advice on buying repo homes at auctions, through bank sales and all other outlets. Once you know how to buy repo homes at these types of sales, you will be able to purchase any repo home your heart desires. With our help, you'll be bidding at auctions in no time for great values!
Join HouseRepos.net today and get started finding the best repo homes in your area!