Sometimes one of the biggest obstacles to purchasing foreclosed repos is finding them. Whether you are looking for homes, RVs, cars or mobile homes, the more you find the more likely you will be to get a great deal on a quality repo. Here are some of the best places to find foreclosed repos for sale.
Banks and Credit Unions. Because banks, credit unions and other lenders give out the loans to the owners so they can buy their home or vehicle, it is the lenders that end up with them when the loans go into default. When they foreclose on a home or repossess a car, they take it back and then sell it for as much as they can get.
Contact local lenders, especially ones that did a lot of subprime lending since those loans are more likely to end up resulting in foreclosure, and ask them how they handle their repossessed properties. Many will hire real estate agents to take care of houses, condos and mobile homes. They typically will send vehicles and RVs to auto and motorhomes auctions, though some will sell them on their own. You may have to use a little persistence to find the right person because not everyone at the bank will know about them.
Government Agencies. There are several government agencies you can contact. Ones that give out home loans like the HUD, VA, Freddie Mac, and Fannie May will sell off the homes they foreclose on. Check the website http://www.homesales.gov for properties available in your area or contact local departments.
The US Treasury Department also handles property sales, though most of these are seized properties. Usually the IRS has taken them because the owner didn’t pay their taxes. Some may have been foreclosures or are in the process of being foreclosed on. You need to carefully look at any additional encumbrances on them because that can change how much you have to pay to buy the home and how quickly you can take ownership of it.
Different government agencies also periodically run auctions of seized and surplus goods and vehicles. While these are not foreclosed repos per se, you can find similar good deals on autos. Just be sure to carefully inspect any car before you purchase it.
The Internet. There are several websites that provide search-able listings of foreclosed repos. This can save you time as there is a lot of information all in one place. Check out several because the listings can be different.
Local Realtors. Some foreclosed homes will be listed in the MLS and an agent can print out a list for you. If you work with a local relator who specializes in foreclosures and short sales, they can often help you find more properties than you can find on your own. Some are snatched up as soon as they hit the market, so it helps to have someone in the know who will be aware that they are coming soon.
Auction Agencies. If you are specifically interested in vehicles, you can contact local auction agencies to ask if they handle repo auto auctions or if they can tell you who does. This can help you find agencies that run auctions all the time and can notify you of upcoming ones.