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Repo homes are those that have been repossessed by lending institutions because of continuous defaults in the mortgage payments of these homes by their respective homeowners. While the reasons for the defaults do vary from case to case, the result almost always remains the same.
Prior to initiating foreclosure proceedings to repossess a home, a lending institution is required to give the owner of the home certain amount of time to try and take care of the default. If the home owner can fix the default within the given time, foreclosure proceedings can be stopped.
If the home owner cannot fix the default, he/she also has the option of selling the home before the proceedings come to a close. Doing this allows a home owner to collect funds so that the lender can be repaid, and the mortgage can be taken care of.
However, if neither of these is done, the home goes through foreclosure proceedings; and as part of these proceedings, is put up for sale at an auction. The reason to put if up for auction is again so that the lender can be paid the money remaining on the home’s mortgage.
Homes that do not find buyers at these auctions are then transferred to the lenders who hold these homes’ mortgages. The lenders can choose to sell these repo homes on their own, or can also hire real estate professionals to do it for them. Either way, the decision making powers remain with the lender.
If you do intend to buy a repo home, make sure that you undertake a thorough search for these homes. Go through sources such as the internet, banks, real estate agents, newspapers, etc., to widen your search. With the vast numbers of these available houses for sale, you can be sure you’ll find one you like.
HUD Fair Housing Equal Opportunity