Is it really possible to buy repo homes without being an Real Estate agent?

Question

How do you go about doing it? I am looking to invest in property but am unsure of how to go about it.

Answer 1

You can buy bank-owned homes without a license, but you must use an agent in order to purchase HUD homes (HUD requires this).

The best way to buy homes is either before or after the home goes to auction. You can check your local sheriff dept for a list of homes in forclosure.

If you go to the auction, your competing against other bidders, and most likely the bank holding the mortgage, thereby driving up the price.

Find a good Realtor who specializes in distressed homes (there out there). They will be able to guide you in the right direction.

One final thought.....if you don't see your profit going into a deal, you'll NEVER see it going out. Good luck and be careful.

Answer 2

This answer is more for the people that say "Oh who care" or something of that nature. These are probably the same people that Bit## and complain that the realtor makes too much.... Well you can't have it both ways. A realtor deserve's what they make because they can spend time with a buyer or seller and never make a dime. So when you average it out they aren't making as much as you think. And for some of you bone heads who think that most agents get a full 3%....uh, yeah no! They have to split it with their broker and a lot of agents are a team of two where they split it again. Then they have run expenses through their commissions, gas, computers, cameras, desk rent, MLS, realtor fees, self employment taxes...after a while the money that started out isn't there anymore. Anyways, back to your question.... Just tell the guy the circumstances and he'll be miffed a bit, but hey, it's a learning experience, he should never show houses without an exclusive buyer's broker agreement. Congrats on the house though.

Answer 3

Yes, you can contact your local banks and let them know that you would be interested in buying property back from them and they will usually share with you the property that they may have to soon forclose on. Yoy can also look in any of the local papers. When a house is getting forclosed on, they have to run an ad in the paper several times before it goes to the courtyard steps. You can also go to the county courthouse in the area that you would like to buy and ask them for any upcoming forclosures.
Just one word of advice though, when you buy a forclosure, you never know exactly what you may be getting since the owners know that they are losing the property and tend to take out cabinets, plumbing fixtures, light fixtures, etc. You will need to make sure that you are getting it for a price well below the market for that area so that there will be enough margin to fix it up and still make some. You also should check the court records for the home to see if you can find out if there are any liens or seconds that remain on that property so that you do not get stuck with them!
If you are a first time investor, you may want to just purchase a piece of property in need of slight repair from a Real Estate agent so that you have a little help and knowledge of what you are getting into. Then once you have gotten the feel for investing and have gotten to know agents and bankers, then you will have more luck finding answers to questions about forclosures.

Answer 4

Yes it is possible to buy repo homes but ---- making money doing this is an entirely different answer. Are you very handy with tools, bricklaying, plumbing, roofing, carpentry? If you can do all this yourself then maybe (realise that people who lose their homes this way are broke, they do not spend money on repairs, and most of these houses are not in the best {value increasing} neighborhoods ). If you work full time and need to hire people to do this work - a New York word of advice - fagetaboutit. You want to invest in property, then invest in stocks of REITS, Real Estate Investment Trusts. That is a much easier way to make money.

Answer 5

Yes...but it's much harder than it would seem.
Your 1st step is to obtain a copy of your local "Legal News" which will have the auctions posted, along with a "minimum bid". The minimum bid can be misleading however, if the company foreclosing on the property isn't in 1st position. The minimum bid may show $20,000, because that's what they owe on the 2nd mortgage. Unbeknowest to you, unless you do a title search before the auction, the property could have a $300,000 1st mortgage, 2 judgements, and a tax lien that were all filed before the 2nd mortgage, which you as the new property owner get to either assume or pay off (it's entirely up to the lienholder).
You also are limited to "drive-by" viewing of the property, with no idea what condition the interior is in.
Once you get the home, you get the fun job of getting the people who live in the house to get out. This can be done through your local Sherriff's office, but takes time. In the meantime, the people who have just lost their home, get additional time to gut the house.
We all hear stories of the guy who bought a foreclosure home and made out like a bandit, but there are far more stories of people who got in way over their heads and got in trouble. (Of course, those people don't like to advertise their mistakes)
If you decide to do it, make sure you know all the ins & outs before you lose your hard earned money.

Answer 6

Several ways. Go to financial institutions that specialize in real estate and see if they have any homes in foreclosure. Go to Yahoo Real Estate, it allows you to look for foreclosure homes.
Contact the local HUD or FHA office and see what they have listed for sale. Real estate agents also handle foreclosures.

Anyone with the money can purchase real estate.

Answer 7

Yes. Just look in the real estate aauction section of your newspaper and county clerk's office. You have to have the money for the house though.

Answer 8

Look for auction notices in the local papers, you usually have to have money down just to bid.

Answer 9

Of course it is. It just takes money. Auctions are listed in the paper all the time.

Answer 10

IM holister and I have the same question so when you find out would you let me know please e-mail me