Archive for September 6th, 2013

Your Foreclosed Home Search

How to buy a forclosed home

If you are interested or already involved in real estate investment, REO properties may be able to help you to take your business or investments to a new level. Real estate owned, or REO, properties are foreclosed properties that are presently owned and “occupied” by the bank that foreclosed. Houses, trailers, condominiums, and basically any form of real estate can be REO. Foreclosure is the process by which a bank comes to own a property. It evicts the previous owners, pays off any outstanding debts on the property, and takes title. Now the property is an REO property.

Foreclosed properties are usually put up for auction shortly after the foreclosure, but frequently they do not sell, forcing the bank to hold onto the property and to sell it through other means. This gives potential buyers

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