Choosing A Home From Bank Repo Listings

When choosing a home from bank repo listings, buyers should not rely solely on the description provided by the listing service

. The property should be inspected first and the advice of professional agents and inspectors should be sought before going through with the transaction.

What Listings Will Not Tell You

Regular property listings often provide basic specifications of properties; the size, the location, the price and sometimes, a brief description. Buyers should never rely solely on such information. They should visit the property personally and should take a licensed real estate agent or house inspector with them to find out what the listing service has not said about the property.

Listings will also not tell buyers whether the property is still occupied or whether there are unpaid taxes and liens still associated with it. If the original owners are still in the premises or renters are occupying the house, the responsibility of making them leave will be given to the purchaser. In addition, unless payment dues are ironed out before the contract is signed, the buyer will have to shoulder any unpaid taxes and fees associated with the property.

Tips on Getting a Better Deal

Homes in bank repo listings that have been in the market for quite some time might be a better deal than others. The longer they have been in the market, the more eager banks are to unload them and the greater a buyer's chance of negotiating for a lower purchase price.

However, the longer a home has been in the market, the more likely they are to be in poor condition. That is why it is important for potential buyers to visit the property first and to have it inspected by a licensed home inspector. The higher the number of repairs required by the property, the lower its price should be. Getting a licensed inspector to look in on the house would be a good idea since he can spot structural problems that might not be obvious to those who do not have experience in inspecting homes.

Bank repo listings can be a great source of home-for-sale information. However, buyers should not expect these listings to provide complete and comprehensive information on the current condition of the property being sold.

by: Joseph B. Smith

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