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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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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