Repo Homes Information
- Analysts have found a considerable gap between the numbers not sold at the foreclosure auction and taken by the banks with the number of bank repo homes that have been listed for sale in the market.
- By bank repos are meant those residential houses that have been taken over by the banks after completing the foreclosure process. Lenders resort to foreclosures to realize unpaid dues from the borrowers. Foreclosure rules vary from one state to another. These may be judicial or non-judicial. The judicial foreclosures take a longer time.
- Many a times, a buyer fails to repay the mortgage loan he has taken against his home and as a result, the lender detains his property. The lender in order to recover his money keeps a public auction for the property and sells the property to the person bidding highest. The properties, which are auctioned, are called repo homes for sale and the ones the highest bidder purchases are called repossessed homes
- There are discrepancies in the repo homes listings as pointed out by many data collecting firms. The realtors too are of the same opinion. They are saying that after the bank takes over the foreclosed house the repo home listings do not always show up all the properties. Some are kept back. The rule is that within three months the foreclosure should show in the books as being sold or having become bank repossessed
- By repo houses are meant houses that have been repossessed by the banks after having foreclosed upon them. The numbers of repo houses are increasing with the figures touching millions.
