Our House Was A Repo: Finale

September 7, 2010

This is my advice to you when it comes to buying a repo…

Arm yourself with a proactive agent.  We chose our real estate agent for personal reasons, not because of her expertise in handling repossessions.  All three of us learned a lot along the way and some of that could’ve been combatted if we’d contacted an agent that had more experience in this specific realm.

Familiarize yourself with the bidding process.  Once you have that agent in tow, ask them to explain the bidding process to you and to outline a strategy for you.  Also, make sure that your agent knows what you are comfortable with when it comes to placing bids.

Understand that there are all sorts of weird rules when you deal with the government.  We ended up having to pay some off-the-wall fees and several other strange things because we weren’t entirely aware of what we were doing.

Essentially, arm yourself with as much knowledge as possible.  Know what you’re getting into and be ready to roll with the punches.

I don’t know if we’ll ever buy another repo, but we’ll definitely go in with a lot more knowledge next time!!


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