Repossessed Homes and Listings of Government Repo Homes
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Repo Homes Information
Bank Repo Homes
Analysts have found a considerable gap between the numbers of homes not sold at foreclosure auctions and those taken by banks with the number of bank repo homes that have been listed for sale on the market.
Bank Repos
Bank repos are residential houses that have been taken over by the bank after completing the foreclosure process. Lenders resort to foreclosures to accrue unpaid dues from the borrowers. Foreclosure rules vary from one state to another. States can choose to allow either judicial or non-judicial foreclosure lawsuit in their respective territories. Judicial foreclosures usually take longer than non-judicial foreclosures.
Repo Homes For Sale
Oftentimes, a buyer fails to repay the mortgage loans he has taken out, which results in the lender taking away his property. The lender, in order to recover his lost money, holds a public auction for the property and sells it to the highest bidder. The properties, which are auctioned, are called repo homes and the ones the highest bidder purchases are called repossessed homes.
Repo Homes Listings
Discrepancies have been found in repo homes listings by many data collecting firms. Realtors also believe the same thing. Realtors and data collecting firms say that, after banks takes over foreclosed homes, the repo home listings do not always show all the properties that are acquired by the bank. The rule is that, within three months, the foreclosure should show in the books as being sold or having become repossessed by the bank.
Repo Houses
Repo homes are houses that have been repossessed by the bank after they are foreclosed. The numbers of repo houses have been increasingly in recent years. Today the number of repo homes has extended into the millions.
