"My wife and I are lookign to get a new house in a few years. I will be looking for repos. "
Well, save up as much as you can, and don't be in a rush. If there's a downside adjustment in your market, you'll find bargains for a while, anyhow.
If you do choose a repo, try to find out who owned the house before and where they're at now. There have been a few bad stories about people moving into repoed houses and having the disgruntled previous owner giving them trouble.
FYI, I heard on the news this morning driving in that Washington Mutual was alying off 2500 people from its morgage division.
"If you do choose a repo, try to find out who owned the house before and where they're at now. There have been a few bad stories about people moving into repoed houses and having the disgruntled previous owner giving them trouble."
That happened to one of my tenants in 1992.
My nephew found out who it was, and that he'd gone into the recreational pharmaceuticals business. He paged the guy and left the number of the local narcotics squad. Guy left town, never to return.