Repo-houses.

[Demon-Xanth]

I'm considering going the path of getting a house that's been repo'ed and fixing it up. But I got a couple questions:

Houses run $200-300k for a small one around my area (for the cheaper areas that is), what would a repo'ed one most likely run?

Is it likely that the repo'ed place would have a good frame and roof, or would it be one step away from a 'dozer?

Where should I look to find them?

 

[ironcrotch]

Houses don't get repoe'd they get foreclosed.

 

[Demon-Xanth]

Same idea.

 

[Nuriko]

Both the price and the condition of the house can run the gamut. Prices really depend on the area and the number of people trying to get the foreclosed homes. As far as places to look, you could check out your city or county sheriff's office (either by phone or website) and inquiry about their foreclosure auctions. Another way of finding them is to check with the realtors in the area, because usually the homes that are foreclosured on that the lender buys back (called reo's) are give to one agency/agent. For more reading, you can check out creonline.com or any of the foreclosure books at borders.

 

[VWhed]

I recently looked at a foreclosure home, man, was I depressed.....
$100,000 and it needed:
-furnace
-major basement work
-windows (previous owner broke them ALL)
-doors
-mold repair / removal
-septic work
-an inground pool, that needs to be filled in
-a water filtration system

All this and it is located within a mile of:

-Three Mile Island
-A Navy Depot w/ Airport
-Railroad tracks

Needless to say, we walked away.

 

[RKS]

most foreclosure sales here in the Cincinnati area require a winning bid of at least 2/3 of the appraised value.