Properties that have been repossessed by the bank are often in high demand by real estate investors and real estate contractors alike. Some people think that bank repos in Regina are often listed under market value and that you can get a good deal on these properties.
What is a bank repo?
A bank repo is a property that has been taken back by the bank. The previous home owner would have had to undergo a series of notices and continued missed mortgage payments in order to actually be foreclosed on. This process can take 3-6 months and, in some cases, can take years depending on the situation.
How do they come onto the market?
When the property actually comes onto the market, in most cases the title has been transferred back to the mortgage company and the property is now vacant. Once the property legally belongs to the bank again, the bank will contact a real estate lawyer and start the listing process. The real estate lawyer will contact a real estate agent to take the necessary steps to list the property for sale on MLS.
How to find bank repo’s on MLS?
Unfortunately, there is no criteria for “Regina bank repo” or “bank repo property” when searching for property online and there are no good real estate websites that syndicate only repossessed property listings. In order to find bank repo’s in Regina, you need to connect with a Regina real estate agent and have them set you up on an auto search for new listings in the city or have that real estate agent look specifically for bank owned properties as they come up for sale.
There is no easy way to find bank repos in Regina for sale online without using a real estate agent.
As a Regina real estate agent, I have the ability to set auto searches and send you listings that are specific to your criteria and property needs.
Contact Me
If you would like to be set up on an auto search for bank repos in Regina only, reach out to me at 306-552-7047 or fill out my online contact form.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.