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What are Repo Homes? Learn more about Repossessed Properties

What are Repo Homes?

Foreclosure for Sale

Repossessed houses, or simply repo homes, are properties repossessed by the lender due to mortgage default. Although it sounds relatively straight forward, the entire repossession process actually involves several stages:

Stage 1: Mortgage Default

When a homeowner fails to meet his mortgage obligations, as a result of bankruptcy, divorce, unemployment or medical emergencies, mortgage default occurs. The lender will contact the homeowner about the default and encourage payment to avoid initiating foreclosure proceeding.

Stage 2: Pre Foreclosure

If the homeowner continues to miss mortgage payments and does not try to work with the lender to address the default, lender will have to endorse the case to their legal department to begin foreclosure.

Stage 3: Trustee Sale

Foreclosure notices will be sent out to announce the impending sale of the property in a trustee sale or foreclosure auction. Homebuyers and investors flock to these auctions since the properties are auctioned off at low starting bids. The highest bidder takes ownership of the property.

If there are no winning bids, the homes are reverted to the mortgage lender and eventually referred to as repo homes. The lender will choose to sell the properties at a discounted price to recover losses incurred during the foreclosure process.

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Repo Homes Attracting Buyers

Also referred to as bank foreclosures or real estate owned properties, repo homes offer home buyers and investors with affordable housing options. Repossessed properties for sale are significantly cheaper than other existing homes mostly because the lenders want to recover their losses quickly. By offering as much as 60 percent discount off of these repo properties' selling prices, they certainly attract much buyer interest.

Finding Repo Homes

It would be much more practical to use an efficient search tool which will help you find the best deals offered for these repossessed houses.

As one of the leading source of repossessed properties for sale, Repo-Homes.com offers foreclosure listings services which guarantee complete, accurate and updated information on repo homes as well as other types of foreclosed houses including government foreclosures and foreclosures at auction located across the nation.

Take advantage of the convenience Repo-Homes.com offers. In no time at all, you will be able to enjoy the great investment opportunities and savings these repo properties provide.

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