buying a bank repo house?

[drewshin]

i keep seeing ads in the classifieds for houses that are bank repos, or where there is a "desperate seller".

my credit isnt the best, so i was thinking this would be a good way to get by without having to get a home loan.
what am i missing here?

this is a typical listing:

$1,000 down. $795 monthly. 4 bedroom, 2 bath large yard. Hurry! Agent (xxx)xxx-xxxx

i figure there must be a catch.

a web search only yields those damn "buy a home with no money down" kits.

 

[NetworkDad]

Too good to be true.

Best way to get a cheap house is go to your local courthouse. Mine has auctions couple times a month right on the steps of the courthouse. You do have to have a deposit to bid. Make sure you're pre-approved first, or don't bother showing up.

Most homes sold are foreclosures by the banks.

 

[Johnlee]

There are many realtors that deal directly with banks and "take care" of their foreclosures. The banks do not want to keep the homes because they make no money off of them, and perhaps have already lost money. Many times you can get good deals on these houses.

What state do you live in? Just like any purchase, you should do research first. I can give you a password to a site to check on the comparable values of the houses in the same area (depending on what state you are in). lmk if I can help.

 

[The Wildcard]

I am thinking......"bad luck" when buying a repo house.

 

[JACKHAMMER]

Bump for some more info. ^^

 

[drewshin]

ygpm johnlee