brandon j

Member
just looked at a repo house and wow what a mess the must have had 40 cats it smelled just rotten and the home owner must have done all the finish work and wireing and I don't know how it passed a code?
 
(quoted from post at 20:29:07 07/30/14) just looked at a repo house and wow what a mess the must have had 40 cats it smelled just rotten and the home owner must have done all the finish work and wireing and I don't know how it passed a code?

If the homeowner did the work it likely didn't pass inspection - he just didn't get a permit. Watch out because if you re-hab it you will have to bring it all up to code (assuming you live in an area with codes).

I am looking hard for 4 or 5 acres with a good house because my city neighbors are tired of me driving the tractor on the street - but there sure is a lot of repo trash on the market! I am amazed at the number of ways people can find to trash and ruin a house. Good luck to you.
 
Went looking for a house for my oldest daughter last fall. Got with the realtor, had him look out for a fixer-uper, a repo, a bargain...

You wouldn't believe some of the junk we looked at! Horror stories of abandoned, vandalized, stripped, DIY unfinished botched projects! Sad thing is, they wanted top dollar for these places! No negotiating!

Even worse, the agent said people buy this stuff all the time, They THINK they're getting a bargain because of the state of disrepair!

We finally found a really nice house, not prefect, not luxurious, but move in ready. No more expensive than the "bargains".
 
Back in the '80's when I first moved to Illinois, I looked into the posibility of buying a repo home, sent away for a listing of homes in a couple of nearby counties to where I worked, and hoped for the best. About that time, I read a story in one of the Chicago papers about repo homes in Illinois, and a law on the books at the time that said that anyone whose home was repossessed had up to 5 years to reclaim their former home, property. If they could come up with the monies missed prior to repossession as well as the monies needed to pay back the mortgage payments of whoever took over the home, or assumed the mortgage or however that worked out, the could legally reclaim the home, property, and whoever took it over...out of a home. I don't know if its still that way over there, but at the time when I read that, forget it. No repo home in Illinois for me.

Also, maybe Illinois, maybe everywhere, I don't know. You pay your property taxes, and say that you under pay by something as little as $1.00, your property goes up for sale for the amount of the deliquent taxes, and you don't even know it. The county lists it in their docs, maybe some news paper, someone comes down to the tax window, pays what is owed, and you are out of a house, property. The only reason that I know that, is that it made the front pages of the Chicago papers one time, where some old widow on the south side lost her owned home, for the single dollar that she made the mistake of underpaying, lost her home to some guy that paid that $1 to the county tax guy, and then tossed, or at least attempted to toss her out. The Rev. Jesse Jackson (I'm being nice), whom I've pretty much got no use for mugged for the papers and TV stations at the time when he took up her cause, which I won't go into. However, he brought it to the front pages, and it maybe the only thing he ever did that I agree with, and that's how I know about that one.

Repo home? Good luck, I hope it all turns out great.

Mark
 
Mark, I don't get it. First you say you have up to 5 years to pay the delinquent mortgage. Then you say the old lady lost her home to a delinquent tax bill. Why didn't she just pay the 1 dollar within the 5 years. Are you saying all Jessie Jackson had to do was pay $1 and he became a hero?
 
Two different things. One was for a repoessessed home where the mortgage went delinquent to the lending institution. The other (little old lady) example was a home that was completely paid for, no mortgage, delinquent for taxes only, sold by the county to whoever pays the taxes owed. Two very completely and distinctly different examples. One involved a bank forclosure, the other involved a government seizure for taxes owed.

Mark
 
Last year we checked out the houses up for tax foreclosure in Oakland County, MI. As I recall the total was around 2000 properties for sale. For each home that was in reasonable condition (meaning the cost of repairs wouldn't exceed the value of the property), there were ten that would be best demolished. Hoarder houses, houses with holes in the roof, mold damage, houses that the previous owners or scrappers had stripped clean. We ended up buying a very nice house that needed a few minor repairs for about the same price the hoarder homes were going for. And we didn't have to evict a hoarder. (I'll bet that's fun!)
 
AZ is worse - they have 7 years to reclaim property that is sold on tax sales. They just have to pay what the buyer paid, without paying any interest.
 

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