A bank repo is a home that has been foreclosed, and has been repossessed by the bank.
When a seller is not making payments, the home goes into pre-foreclosure for a few months. Than the house is often times listed at the courthouse steps for auction (you need to be an all-cash buyer, and have money in hand to buy at this auction). Or sometimes it is listed on a auction website. Then if the home is not sold at the auction, it is re-possessed by the bank. The bank will then list the home with a Realtor on the multiple listing service, and it is sold "As Is". Many times these homes and condos are good deals, but they often need a lot work.
If you want to search for pre-foreclosure and bank owned homes, click here. Or here to find Whatcom and Skagit County foreclosures coming on the market soon. Or contact me.
I can send you a list of foreclosed home or condos in Bellingham, Lynden, Everson, Ferndale, Blaine, or anywhere in Whatcom or North Skagit County. I have experience with the process and it's important to have someone represented you when dealing with the banks. They use many of their own addendums, and the contracts need to be understood before moving forward with an offer.
If you are writing an a HUD home in Bellingham or anywhere in Whatcom County, I am certified to help you write a bid on HUD homes. Not all brokers are, and many do not understand the process. There is a lot to know about writing offers on Fannie Mae and HUD homes, and I have written a Frequently Asked Questions page.
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