Repossessed houses with real estate companies to dispose of. Here are some tips on buying repossessed houses. 1) Finding the property and most often they are with estate brokers 2) view the house 3) join in the auction 4) close the deal. There are specific instructions before you join any auction sale. It is best to have a real estate agent with you through the process to guide you along the way and reduce the risk of losing money with a purchase that is not worth a penny.