13 Steps to Buying a Bank-Owned Foreclosure
HomeLight
SEPTEMBER 1, 2020
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”). The process of buying a bank-owned foreclosure. Bank-owned homes may not be the best-staged or the most recently renovated.
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