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Is it cheaper to buy a repossessed house ?

The bank repossessed a house can I pay the remainder of the cost of the house or do you have to payf full price
Asked By Trudie | Gallup, NM | 182 views | Tips Advice | 7 months ago
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Pro
91 Answers
Lisa and Greg Harris

eXp Realty, LLC

(42)

There are a lot of factors that go into a Repossession or a foreclosure process. It is not as simple as just buying it from the bank. There also are not as many of these on the market and many times the banks have become smart to do renovations to them to get the retail price from the asset. So I would recommend connecting with a LOCAL REALTOR to be able to answer the questions about this specifically for your local market and how the market is with these options. We have very few of these in our current market in the SC area. So see is an agent in the NM area can help answer this about your local market.
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Semi-Pro
68 Answers
Julianne Clark / Your Lowcountry Realtor

Charter One Realty

(45)

You can save money (sometimes) with a bank foreclosure. It can be a risky purchase also. Make sure you do adequate research prior to spending your hard earned cash on the pros and cons of buying a foreclosed property. You may save $$ or end up with someone big issues.

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Novice
4 Answers
Jared Labarga

RE/MAX Gold

(91)

Hi Trudie. I would suggest talking with a local licensed REALTOR. Here in California, someone can buy a home that is at auction due to foreclosure or they can purchase it once the bank takes official ownership. I have many years of REO experience, in the past banks have hired local REALTORs to list the homes and sell them as if it was a traditional sale. Some banks will have formal appraisals done to determine the value or they will ask for a BPO (broker price opinion) to determine the value. More times than not, the home is sold nearish market value. There is always a chance for a "deal" though! Hope that helps!

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