e.g. Miami or Miami-Dade or Florida or 33132
By Repo homes are meant repossessed homes – houses that have been taken over the banks after completing the foreclosure and auction process.
There is a surfeit of repo homes in the markets with the banks anxious to get them off their inventory lists. The drama kicked off with the collapse of the sub-prime mortgage meltdown. These mortgages were peddled aggressively by the banks, to those who could not qualify for prime mortgages that required certain income levels and credit scores. The brokers raked in huge commissions. The lenders were sure to gobble up properties when all the calculations led to the prediction that the borrowers could never be current on their mortgages when the teaser interest rates ceased and the real ones spiked. But the banks were not quite prepared for the flood of foreclosed homes as thousands – in fact millions failed to pay mortgages.
At the end of the foreclosure process the units are put up for auction. But with demand outstripping slipping there was a dearth of buyers and the units did not sell at the auctions. They now became repo homes after being taken over by the banks. The latter now had the responsibility of seeing to the maintenance of these repo homes – a task that soon became unmanageable considering the huge number.
The lenders had to invest in repairing the foreclosed homes – no cheap task considering the damage these houses had suffered under the hands of frustrated borrowers, vagrants, thieves and vandals. Desperate to sell these repo homes the banks resorted to offering huge discounts. Free bus tours were offered to potential buyers to view these rep homes. So far sales has not picked up as expected.
The situation in Dallas County is getting worse day by day. The houses which were once occupied by happy families now have the tag of resale / foreclosure posted on them. The foreclosure tragedy is spreading its wings all over the county of Dallas. Around 16500 houses comprising a massive locality are under the [...]
A growing trend in the way first time home buyers grab a bargain is in repossessed properties. Property repossessions are increasing year after year. Although this could have a detrimental effect on the property market in general, it offers first time home buyers the opportunity to purchase an affordable home.
However, this can also mean difficulty [...]
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