Today as I was wheeling around town, I saw one busy intersection papered with signs saying - BANK REPO INFORMATION! All of the signs were pointing to one of the larger agencies here in Temecula/Murrieta California.
I was very put off by the signs. I felt that consumers (Home buyers) were being pointed in the wrong direction. I realize that the normal consumer "thinks" that they can get the best deal on repo, or bank owner property but as Realtors, we almost always realize that this is not true!
Bank owned property is often priced HIGHER than it was while it was still in Short Sale mode! There are often repairs to be made and the home come with no "Disclosures" since the bank never lived in the home and cannot be responsible for disclosing information they don't know! This week on our Realtor Tour we saw a repo that had all of the carpet and baseboards gone - there was a empty pool that the surface was going to have to be redone! All of the money to redo this home would be coming out of pocket!
I often see Short Sales that are a good value. The people haven't been out of the home so long that everything is dead and if it has a pool - it is still viable. (A Short Sale situation exists when a home is being sold for less money than the previous owner owed on the home --- a realtor neogates with the bank to work out a win/win situation before the bankrupcy takes place.)
Does anyone see the same things I am seeing on the value of the REPOS or are they a better deal in your part of the country?