What are repossessed houses?

Bank repossessed houses are as a result of borrowers/home owners not being able to meet their repayment requirements to the extent that the bank will cancel their homeloans. This results in the loss of their houses and as a result the bank issues a sale in execution of the house. The sale in execution is executed by the sheriff of the court.

There are phases in the process where willing buyers are able to purchase these properties-bank repossessed house, sale in execution, property in possession. To understand how this works we will discuss the repossession process.....read more?

Where can i find repossessed houses?

Repossessed houses are amongst the most sought after properties on the market because of the potential to not only make healthy profits off the resale of the property but also because as new home owners entering the market only to be hit by sky rocketing property prices which force them to seek alternatives such as repossessed houses. There is a substantial amount of secrecy regarding repossessed houses as far as where to find them but we will discuss these locations here now.

1. The first place to look for repossessed houses or sale .......read more?

How can i buy repossessed houses?

Repossessed houses can be purchased in 2 ways, either directly from the sale in execution which is held by sheriff of the court at the venue or directly from the home owner prior to the sale in execution. Lets discuss the options in more detail.

1. From the sale in execution.

When buying a repossessed house from a sale in execution you will need to have pre-approved homeloan unless you are fortunate enough to have the cash laying around. You then have to attend the sale in execution and register...........read more?

Important points to remember about home loans

What is a home loan,mortgage,bond?

A home loan is an agreement between you a potential homeowner and a bank. The terms of this agreement are that you shall make a loan to the value of the home you want to purchase and that you as the homeowner shall repay this home loan over the course of 20 or 30 years. Once the home loan is repaid, the bank will hand over the deed of the property to you...........read more?