Is there a stigma with buying a repo house?

RATM

Just looking to get peoples thoughts and experiences with this as it is most likely its going to be happening more and more especially as repos might tend be go for less than other asking prices in the area.

So what do people feel the consequences are/can be? Do you think there is more of a stigma in rural v. city areas? Or working class suburbs v. more middle class ones?

I'd also appreciate anybody's experience of a stigma? How did it manifest itself and was overcome through time?

D3PO

Anybody that has an issue with it quite frankly is a moron.

What would they prefer the house remain empty and go to riun whilst the bank (read taxpayer) remains out of pocket for it.

Wile E. Coyote

Can't see why there'd be a stigma attached unless you were standing in the hallway, physically pushing the old owner out the door.

Houses which have been repossessed aren't advertised as such when they are put on the market. You will more than likely only find out when you put in an offer and it has been accepted. I also wouldn't expect the last owner to go around telling everyone that their home has been repo'd so chances are most of the neighbours wouldn't know anyway.

cml387

The only caution I'd have is in the country,where a number of sites have been allocated to family members and one has defaulted.
You'd be surrounded by hostile siblings,possibly.

ShadowHearth

In the midle of buying one. In all fairness I did not cared at all it being repo. Was hoping it will be better as ir would be faster to deal with bank, then individual. I was wrong...

TwoShedsJackson

If at all possible try and find out something about who it's been re-possessed from. Some former occupiers might have more 'attachment' to their previous property than others...

syklops

Not if you're able to pay it off.

mikemac

If farmland is involved, yes there is a stigma.

If it's a flat or house in a city, not at all
Unless CAB seized it from a drug dealer