Shannon asked:

We are putting an offer on a bank repo house tomorrow, if they accept our offer, how long does it take to close and have the keys in our hands? I know we had to have proof of funds to go along with the offer.

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mallisa j asked:

I am interested in getting a repo house and have been looking at a lot of them my question is do you have the pay the remaining amount due on a repo house upfront or do you get signed up for finance? is there a way that I can get a loan so i can make monthly payments instead of having to get the whole amount due up front?

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Jesus S asked:

I live in Kansas. The house is in Kansas and the listing agent is saying that we will be sued by the repo bank for not going through with this. The FHA apprasal didn’t pass twice. We had to work on it ourselves to make it pass and it wasn’t ours yet. We just don’t want the house anymore. Can we be sued?

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R6Maniac asked:

if they come to your house to repo your car, but your not home, and the car is no where to be found, when will they come back?

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jfranzet asked:

I’m interested in buying a Repo (in the banks possession) but have never bought a house this way and was wondering what the best way to go about it is. The asking price for the house is $406,000 which is around market value, but the house is in disarray and would need all new carpet, new paint, and some drywall work and replacing of fixtures. I’m tempted to just put in a lowball offer but think it might be helpful if I knew what amount of money the bank is trying to recover, what repo fees they want to recover, and what the real estate agent who is selling the house expects to make as commission so I can make the lowest offer possible without getting blown off. Any suggestions on how to proceed?

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senseibond asked:

looked at a bank owned repo house in crap shape huge lot of land previous owner left it in a massive mess. the bank is asking 99500
my realitor said offer them 50,000 and work from there House needs ton of work in the tune of thousands whatta I do?

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Peter_33 asked:

I am planning on buying a bank repo house. Do I need a real estate agent or can I just go to the bank and buy the repo house through them?

If I buy the house directly from the bank, will I save on commissions because Im dealing directly with the bank or there is not such a thing?

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nukem_thebomb asked:

I need to find out a way to work on drastically improving my credit. I really made a bad decision to get a vehicle about 2 years ago that ended up in a repossession. Along the way of struggling to make the car payment, alot of bills got sent to collections. I paid off my first vehicle, which i used to trade in for a truck because of mechanical issues.
Bottom line is by getting the truck, i miscalcultated the dept/income ratio.
my credit score is very poor. I beleive i owe around 8-9K for the truck still.
I am making payments to everything that is current. I have learned a lesson that you have to earn respect to get a good loan.
However, I want to consolidate all my collections (2 credit cards, 1 personal loan, 1 cell phone, 1 truck repossession) Is there a good company out there that i can talk to? I am military, so i want to clear this up within 5 years cause i want to eventually get a house. I have a respectable job and have held it for a little over 5 years. Thanks!

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adviceplease! asked:

I had my loan set up on auto debit. My house was broken into and though everything forgot to call and switch my account info with my bank. My truck is now in repossession (or the letter said I had until 4 days ago to bring it current). I called they day it was due and asked to send cash via Western Union (so the payment would post faster) and the lady said you need to make it by phone. I called by that evening to do a check by phone (the first lady said call before 9pm) and when I did she said I could only pay for it via Western Union! I explained at this point that it was 8:00pm and that they bank was closed to get cash and send and that I was simply doing what the first lady had asked (paying via phone). She told me that it HAD to be paid by 9pm and that is the only option I had. I called back the next morning and explained the situation and the lady promised to call me back and didn’t. I have all the Western Union information and have the cash to bring the loan current and could send next months payment as well. My question is, if I send it though Western Union (though bill pay) so that the account is current will that stop the repossession? I don’t want to send $3,000 cash and still have the car repossessed tomorrow. In that case I’d rather keep the cash and work it out. I’m thinking that if I send it Western Union and then it posts to my account they can’t still take my car correct and how can they refuse the payment if I pay cash at West Union? Please advise. I’d like to take care of this and send if off today.

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davie asked:

Last night I watched a program about the above where we were told that the party was over.

People were borrowing money too much and could not afford the re-payments for what they owe.

House repossessions were up and were going to go up massively in the next few years months/years.

Now what I would like to know is…
When you pay back your loan you pay back the amount you owe (obviously) and you are charged an interest rate.

Now does the bank who are lending this money get this money or do (as I was lead to believe) does the Government get this money-or a percentage of the interest rate?

The Government will always try and screw the last bit of money out of us-hence I always think that is the reason why the Government was so eager to lend us all money.

Am I right in thinking this? Or can someone put me in the picture a bit more.

Thanks

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