You are here:
- Home
- Real Estate
- Home Buying/Selling
- Buying or Selling a Home
- repo pending house
Buying or Selling a Home/repo pending house
Advertisement
Question
What does it mean when a house is being sold as repo pending? Is it like a foreclosure or what? I had never heard of this term and need to know as I want to buy this home.
Dear Esther;
This is not a term that we use for homes unless they are mobile homes. In that case it could be a repo (like a vehicle repo). In a home it is a foreclosure or a short sale if the foreclosure has not happened yet. I suggest that you call the sales agent and ask questions. In any bank action there can be taxes owing and liens that need to be paid off before you can take possession of the home so BUYER BEWARE! Do your homework and have the home carefully and professionally inspected. Check title and make sure that you know what you are buying and how much it is really going to cost you.
~Jessica Bryan
Related Articles
- Moving - Selling a Home When Moving - Tips for Moving House
- Dave Says - Is it worthwhile to renew home warranty
- Distressed Homes in Default - Distressed Short Sales and Foreclosures
- Foreclosures, Short Sales, REOs - Buying Distressed Homes: Foreclosures, Short Sales or REOs
- Short Sale vs. Foreclosure - Benefits and Drawbacks Between a Short Sale and a Foreclosure
Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
©2012 About.com, a part of The New York Times Company. All rights reserved.