How do you feel about buying a repossessed property? I am considering (as a first time home buyer) to buy a repo on auction. And is it true that they often sell for below market value?
I both 3 repo in the last 2 years. The process is not easy like a regular deal, because the bank runs the deal and don't respect any time line in your offer.
But i did get it cheaper but you need to understand that these house need a lots of work and do a inspection because your buying as is...
I have learn to buy these type of house all cash, do all the renos and then get it appraised and finance at 80% of its new value. Its much easier. This way you may have just but 5-8% down because of the force appreciation.
