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What are Bank Foreclosures?

What are Bank Foreclosures?

Bank foreclosures are properties that have been legally repossessed by a lender, usually because the previous homeowner has defaulted on their home loan. These homes are offered by the bank for sale, so that the lender can earn back the money they have lost on the mortgage. Bank real estate can be a great bargain, since it is often priced below market value and offers instant equity as well. When it comes to foreclosures, repo homes make even more sense because the lender has taken care of most legal hassles on the property. Bank foreclosures save you money over traditional real estate, but are less likely to have title problems. In fact, some bank foreclosed homes even come with title insurance. That's not all. When you buy bank foreclosed properties, you can often convince the lender to offer you a great deal on the mortgage.

Bank Foreclosures

Bank foreclosures can be a great option, but they can also be hard to find. Most lenders have foreclosure homes for sale, but few advertise them. You can call lenders to find out about the real estate they have, but some lenders will charge you for their list of properties, so this is not always a great option, especially if you want to query several lenders about the homes they have available.

A better way to find out about bank owned repo homes is through bank foreclosure listings, which are services that list bank foreclosure homes - as well as other types of distressed homes. A quality service such as Foreclosure-Auction.net lists bank home foreclosures as well as other distressed real estate nationwide - so that you always have access to plenty of properties that are priced to sell. Foreclosure-Auction.net updates its bank homes for sale every day so that you always have the freshest information about current lenders owned foreclosures right at your fingertips. Foreclosure-Auction.net even has free foreclosures resources, so that you can learn about fannie mae real estate - as well as other repo houses - and about the ways to buy foreclosures for sale the smart way.

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