Comments on: Looking for a repo house for sale, not a forclosed. Help? http://www.newjerseyhomelist.com/news/looking-for-a-repo-house-for-sale-not-a-forclosed-help/ Ocean County Home Values and Prices Thu, 20 Aug 2009 16:35:05 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: jamsoftheweek http://www.newjerseyhomelist.com/news/looking-for-a-repo-house-for-sale-not-a-forclosed-help/comment-page-1/#comment-559 jamsoftheweek Fri, 18 Jul 2008 06:43:51 +0000 http://newjerseyhomelist.com/bank-owned-homes/bank-owned-home-questions/looking-for-a-repo-house-for-sale-not-a-forclosed-help/#comment-559 a repo/foreclosure is the same thing. the distinction i think you are hinting at is a HUD foreclosure vs. a bank foreclosure - also known as bank owned or REO (real estate owned) property. the difference is that the HUD foreclosure is property that was FHA insured (the former owner paid FHA mortgage insurance, so when the owner defaulted, HUD paid the loan off to the bank and took posession), whereas the bank owned was not FHA insured (so, the bank takes possession). Find a realtor to help you (i can refer one if you'd like) - they can do searches for 'REO' or bank owned. just a note: while the HUD process is very strict and structured (duh - government), banks are usually hard to work with as well, even though they dont want the property. make an offer! dont be afraid to negotiate! a repo/foreclosure is the same thing. the distinction i think you are hinting at is a HUD foreclosure vs. a bank foreclosure – also known as bank owned or REO (real estate owned) property. the difference is that the HUD foreclosure is property that was FHA insured (the former owner paid FHA mortgage insurance, so when the owner defaulted, HUD paid the loan off to the bank and took posession), whereas the bank owned was not FHA insured (so, the bank takes possession).

Find a realtor to help you (i can refer one if you’d like) – they can do searches for ‘REO’ or bank owned. just a note: while the HUD process is very strict and structured (duh – government), banks are usually hard to work with as well, even though they dont want the property.
make an offer! dont be afraid to negotiate!

]]> By: Landlord http://www.newjerseyhomelist.com/news/looking-for-a-repo-house-for-sale-not-a-forclosed-help/comment-page-1/#comment-558 Landlord Wed, 16 Jul 2008 14:13:28 +0000 http://newjerseyhomelist.com/bank-owned-homes/bank-owned-home-questions/looking-for-a-repo-house-for-sale-not-a-forclosed-help/#comment-558 hmmmmm...it is the banks that do the repossessing. You have no choice, repo and foreclosed are one in the same. hmmmmm…it is the banks that do the repossessing. You have no choice, repo and foreclosed are one in the same.

]]> By: casw1 http://www.newjerseyhomelist.com/news/looking-for-a-repo-house-for-sale-not-a-forclosed-help/comment-page-1/#comment-557 casw1 Mon, 14 Jul 2008 09:07:57 +0000 http://newjerseyhomelist.com/bank-owned-homes/bank-owned-home-questions/looking-for-a-repo-house-for-sale-not-a-forclosed-help/#comment-557 Repo - foreclosed...what's the difference? Repo – foreclosed…what’s the difference?

]]>