repo homes

[muscle19]

anyone know a good website that's not that expensive in the states showing repo homes? I wanna jump on the repo scene and start investing.

 

[BOOMSHAKER]

I have no idea why i am doing this but if this is legit then:

start at your local bank, ask them for a list of their repo'd homes.

next, do a yahoo or google search for "foreclosed homes" and you will get hundered of websites giving you the info for a few bucks a month.

 

[FeverishFlux]

Aye BoomS, concur. It's hard to reply to post 1.

There's money to be made in foreclosed homes but to me it's hard to capitalise on some family's bad fortune. I'll buy GE stock's knowing they do business in Iran. I'll put money in oil knowing it costs me 4.77 yesterday per gallon to fill up my Jag. I just have a hard time putting money in houses a bank took from some family who fell on hard times and shouldn't have qualified for the loan in the first place.
These U.S. banks want a bailout for their high risk loans, nfw.

 

[BOOMSHAKER]

Buying a repo'd home is really for those with extra cash. If there are so many repo'd homes, there are that many people who do not have money to buy them. So you need to have extra cash that you can spare for at least a minimum of 2 years. However there are people who are buying the homes then "renting" them back to the original owners. This way they don't have to move out and can pay back at a smaller monthly note and the new owner gets his money back with a few extra bucks when it's paid off. I really like this approach more.

 

[Pekkerwood]

Most repo'ed homes today are actually listed under the Multiple Listing Service that serves your area, meaning any good real estate agent can find them for you for free. Very few homes foreclosed on these days sell at the "auctions" because they have no equity. Less than 5% of the homes adverstised for foreclosure in my area are bought by anyone other than the bank that holds the loan at the auction.

Most of the sites that have you pay are selling "pre-foreclosed" homes that are going to foreclosure so that you can try to buy in advance. They take the ads from the official organ of your county and repackag the info for you. Many of the others listing foreclosed homes are out of date and are just repackaing info taking from the listing services. Find a knowledgeable agent who specializes in investors (harder to find than you think) and that will be your key.

Pekkerwood

 

[Air Supply]

if you're in the houston area, http://www.har.com/ is good