The rise in the number of repossessed houses in the market means that you can really come by great deals whether you’re looking for a home or you want to buy and resell. The prices at which these houses are sold are well below the market values because the lenders are looking to unload them to recover their capital. However, there are risks associated with repossessed houses. For example, some may have mortgages associated with them. If you’re the new owner of such a house, you’re likely to inherit these. If you’re willing to brave these risks, here’s how to find repossessed houses.
- Search the lender’s website
Banks or lenders often list their repossessed properties online for sale. A bank may list as many as hundreds of these properties. The details included on the listed properties on the websites include descriptions, photos and prices of the homes. The agent’s contact information is often included as well. This resource for finding these houses is useful and convenient. The problem with the website listings is that they’re often limited. It’s also a great idea to check online listings which purchase mortgages from banks and other lenders.
- Check listings owned by the government
The housing and urban development departments also list repossessed homes that they own through local real estate agents as well as on their websites. If you come across a home that has sparked your interest, you can strike an offer through the real estate agent that represents the property. The departments are quick to let you know that the houses are sold as they are without any renovation. They won’t be liable for any problems encountered or any repairs for that matter.
- Visit the local county offices
Information regarding repossession is usually filed with the county offices. Some of these offices post the information online. You can, therefore, search using various criteria like postcode and street address among others. There’s a set day of the week when an interested individual can bid on the properties that are available.
- Pay for repossession listing service
Certain companies offer comprehensive property repossession services at a fee. The listings include homes that have been repossessed and those that are approaching repossession. However, you may also visit websites and search for the property in a simplified database version at no fee. For a lot of the properties, you can make an offer online, it isn’t binding but will get the process started. For completing the purchase, the bidder will usually need to work with either the listed owner or agent.
- Use a real estate agent
Real estate agents often have an idea of the local houses that are near repossession since they work with other agents. They also know the local market well and at times could work with lenders like banks among others. Properties included in the online listings already have new owners under contract. The real estate agents can help you find great deals in time. It’s therefore a great idea to get in touch agents who are likely to let you know about any new repossessed property.