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Buying Foreclosed Homes for Dummies in 11 Steps Even You (Yes, You!) Can Do

HomeLight

Generally, lenders will take much less than top dollar for a foreclosure, which is good news for anyone looking to score a deal on real estate. Before you get started down the road toward buying a foreclosure, it’s good to know the different types of sales that you might encounter. Real-estate owned (REO) homes.

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What Are the Pros and Cons of Buying a Bank-Owned Home?

HomeLight

Some potential homebuyers pass over foreclosures or buying a bank-owned home entirely because they are daunted by the special considerations that go into this kind of sale. The reality is, there are a variety of substantial pros and cons that any would-be buyer should weigh seriously before purchasing a bank-owned property.

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How to Buy a Foreclosed Home: The Ultimate Step-by-Step Guide

Redfin

Whether youre looking at homes for sale in San Antonio, TX , or in Wilmington DE , there are options for you. There are several types of foreclosure sales – auctions, bank-owned properties, government-owned properties, preforeclosures, and short sales.

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13 Steps to Buying a Bank-Owned Foreclosure

HomeLight

If the homeowner fails to catch up on their payments by the auction date, the home is auctioned for sale. The home is now bank-owned (sometimes also called REO, or “real estate owned”). First, it’s worth noting that the term “bank-owned foreclosure” is a bit of a misnomer. Step 9: Order an inspection.

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