Question: How do you find repossed houses? My husband and I are trying to get our first house and we were thinking of geting a repossed house so we can maybe get it for cheaper. We leave in MN in twin city suburbs, any ideas?

Answer: Unfortunately most repossessed houses are sold by a semi- private auction to make up for the amount of debt someone puts on house.  There are many insider professionals that buy houses like this for a living that are already on the inside and willing to pay near market value for the house.  So you wont really find much of a deal with reposed houses. Also many times with these repossed houses (Pending on what stage of forclosure) the previous owner might have up to a year to pay back the debt and receive back the rights to the house, this means you may not actually get to live in the property for up to a year after you close.  Besides, think of the houses that normally get repossessed... I am guessing a majority of them wont be in places you want to live.  Also when people are forced to leave a forclosed home, generally, they are pissed off the bank is taking their home from them and dont leave it in the best condition... It is often TRASHED!!! I recommend if you want to save money first shop for you loan, determine how much you want to spend, then look for your house... This is something most people do not do, then they find the house they fall in love with but either cannot afford it or get screwed by the mortgage agent.
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