Feed: Squidoo: Repo Auctions - AggScore: 12.4

Repo Auctions updated Tue Feb 22 2011 2:56 pm EST

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For those who are unfamiliar with the term repo auctions, they are auctions held for repossessed properties. These repossessed properties are sold by financial companies when a borrower dodges the payment of a credit agreement and still has a certain rate of outstanding debt. A repo auction is arranged along the lines of a credit contract or a purchase contract involving both parties. Typical circumstances surrounding repo auctions involve a borrower and a lender. The seller can repossess the property if the borrower defaults on the payment, as long as it is stated in one of the conditions of the contract. Of course, both parties have to agree with the contracts conditions.