Looking for a repo house for sale, not a forclosed. Help?
cami b asked:
I live in Oklahoma an Im looking for a repo house for sale an alls i can find are forclosed homes. I have the cash to pay up front, I dont want to go through a bank. { takes to long} Please help me if you can.
December 22nd, 2009 at 6:43 pm
Repo – foreclosed…what’s the difference?
December 26th, 2009 at 6:02 am
hmmmmm…it is the banks that do the repossessing. You have no choice, repo and foreclosed are one in the same.
December 26th, 2009 at 11:00 pm
a repo/foreclosure is the same thing. the distinction i think you are hinting at is a HUD foreclosure vs. a bank foreclosure – also known as bank owned or REO (real estate owned) property. the difference is that the HUD foreclosure is property that was FHA insured (the former owner paid FHA mortgage insurance, so when the owner defaulted, HUD paid the loan off to the bank and took posession), whereas the bank owned was not FHA insured (so, the bank takes possession).
Find a realtor to help you (i can refer one if you’d like) – they can do searches for ‘REO’ or bank owned. just a note: while the HUD process is very strict and structured (duh – government), banks are usually hard to work with as well, even though they dont want the property.
make an offer! dont be afraid to negotiate!