How to Find a Bank Repo
A repossession, or foreclosure, is obtained when a borrower or homeowner stops making the required monthly payments. Banks provide the mortgages for the buyers and eventually foreclose on the repossessed property. The process of foreclosing takes between six and nine months, according to Bankrate.com. Therefore, new property becomes available on a regular basis. Finding repossessions available from the bank requires legwork, but may pay-off in the long run by saving you money if you find a good deal.
Other People Are Reading
Instructions
-
-
1
Review listings in the newspaper advertising bank repossessions, include home foreclosures. For home repossessions, a bank is required to place an ad for two weeks in the local newspaper.
-
2
Go to the local courthouse and visit the Recorder's office. Ask for a list of current foreclosures or repossessions. The process is a public proceeding and must be recorded.
-
-
3
Visit the banks in your area. Request a list of the current repossessions available. Also, request the bank's website address to check for current and future repossessions.
-
4
Contact a Realtor in your area. Generally, banks have several foreclosures and choose to have a real estate agent handle the advertising and selling transaction. A Realtor has access to the Multiple Listing Service (MLS) showing all foreclosed or repossessed property in the area listed with an agent.
-
5
Watch the newspaper for listings of auctions for repossessed homes. If a property is on the market for a long time, the bank will offer it for sale to the highest bidder to prevent further costs.
-
6
Drive around and search for signs stating a property is for sale by the bank. Generally, the property will have a sign in the yard or the window stating it is a bank repossession.
-
1
References
Resources
- Photo Credit bank image by Pefkos from Fotolia.com
