If you've got a limited budget, or are looking to build wealth in real estate, repossessed homes can provide great value. That's because these properties are often purchased for a fraction of their actual market prices.
You too can save – or make – money in this increasingly popular market!
A repo home – also referred to as a foreclosure or Real Estate Owned (REO) – is a parcel of real estate that has been seized by a lender after a homeowner defaults on his or her mortgage loan. These homes, which are often sold to the highest bidder at a public auction, usually sell for less because a lender wants to get its money back quickly.
But, sometimes homeowners don't take care of these properties and repairs need to be made.
It's important that you not only inspect the property thoroughly before making and offer, but also set aside some money for renovations if you plan on purchasing a repo home. Useful tips like this, including others such as how to buy foreclosures, are available on Foreclosure.com.
As America's largest source of foreclosed homes, Foreclosure.com offers thousands of repossessed home listings. Updated twice daily, our database also includes other types of foreclosure properties such as preforeclosures, HUD homes, VA homes, government foreclosures, and other bank-owned properties.
With buying and selling repossessed foreclosures becoming increasingly popular, our comprehensive inventory of repo homes changes every day. Start searching today to find the repossessed home that is right for you!
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