Due to the increasing number of foreclosures and declining prices, repossessed homes are in large demand. Also known as real estate owned REOs or bank-owned properties, lending institutions and government agencies repossess the homes of delinquent home owners and sell them to the general public. You can find great deals on repossessed homes.
Many times lenders find themselves with a large inventory of repossessed homes and are therefore looking to sell them quickly to reclaim the money lost by the delinquent loan. Repo properties are very good deals since they can usually be purchased at or below market value.
Visit our Education Center to get more information about buying foreclosures in your area.