repos

[Paul]

In buying repos, what should I pay? what should I look for. I am new at this and want to make the best deals that make sense for me.
Thanks

[Chrissy]

First, go to the NADA Guide (or get one by going online or calling them on the toll free number) and estimate value of the home yourself. Second, look for structural stability and see that the home is in good shape (floors, roof, windows, etc.) You can replace carpet and/or paneling - even drywall. You don't want to mess with bigger issues unless youhave qualified personnel on staff to make repairs. Then, look at the market. What are you going to do with the homes? Sell them? Rent them? What can you get for a return? That has to be part of the equation when you try to figure what you want to pay for them. There are plenty of repos out there and this should be a great time to get some deals.