Repository Sales
Can anyone offer any information on repository sales? Pros and cons, do's and don'ts, and any personal experiences (good and bad) with purchasing homes through these sales? How do you find out what amount is necessary to purchase the homes? Is it the total tax or mortgage that is still owed? Are there any fees? Why is the list of available properties soooooo long? Are most people not aware of these? Or are they just too good to be true?
Any info will be helpful. Thanks!
What exactly do you mean by "repository" sales?
Are you referring to an auctioneer's inventory of REO product from multiple lenders?
Sorry, I just don't know what you mean.
I wasn't sure what they were either, until yesterday. I called my local courthouse and the representative explained them to me.
From what I understand so far, all of the unsold properties that have already gone through the Upset Sale and Judicial Sale go on what is called the Repository List. The properties remain on this list and can be purchased at any time, without someone having to bid on them. Cost is $250.00 per property + some fees which raise the total to about $350.00 or so. The courthouse rep told me "buyer beware" because a lot of these properties are just land, usually left over from the demolition of a dilapidated building. And since the city where the building was located doesn't notify the courthouse of the demolition, the courthouse may still have it listed as an actual property. These seem to require a lot of inspection and research...and disappointment.
So, anyways, I have a list and am going to inspect some of these "properties" to see if they are worth my time.
**Seeing as how Repository Sales deal with judicial sales, and not sheriff sales a.k.a. foreclosures, I hope I didn't post this in the wrong forum. I wasn't sure exactly WHERE to post it, actually. **[ Edited by hnwilson on Date 04/15/2003 ]
I was looking to buy some properties through a Repository Sales myself. I was wondering, in a Judicial Sale, your given clear title to the property free of Liens. Does that still apply in a Repository Sale? The only lien thats not cleared that I heard of would be a lien for rent on the lot if it were a mobil home, or am I wrong?