A repossessed house is a property that has been taken back by the lender after the borrower has defaulted on their mortgage payments. Repossessed houses are often sold at a discount to attract buyers, making them an attractive option for those looking to get a good deal on a home.
There are many benefits to buying a repossessed house. For one, they are often priced below market value, which can save you a significant amount of money. Additionally, repossessed houses are typically in good condition, as they have been recently inspected and repaired by the lender.