#117718
TMH
Guest

When a home is repo’d it is auctioned at the court

house. If there are liens against the property you

could be liable for them on top of the purchase. You

can do a title search to check for liens,prior to

the auction, but you still may not find recent encumbrences.

This is not a good way to buy repo’s, in my opinion.

And I have bought and sold several.

Normally the bank that held the loan bids at the auction, the

amount they were owed and gets title to the property.

The bank will then either sell, or turn the property

over to HUD or VA and they get their money back.

If the bank sells, you get a clear title. Often though

the bank sells through a realtor, the realtor will

have investors they work with that will get the good

deals. It helps to find the right realtor, to get

in on a deal. Call around and ask questions and you can

usually find the right one.

On insured loans the bank turns the property over to

HUD or the VA. You can find these and several others

at http://www.hud.com , you will still need a realtor to

bid on HUD or VA, it works like an online auction.

Here again find a realtor that has done this before

or it can be tricky. Here you will get a clear title.

And beleive it or not, HUD often will sell a house

for less than it was auctioned for at the

court house.