Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars. But finding a good one can be a challenge.”The vast majority of the banks don’t want us to advertise [foreclosure homes] as ‘bank-owned’ because it comes with a negative connotation,” says Ryan Melvin, co-owner of More Realty Group in Las Vegas. That means there’s no sign on the front lawn indicating that it’s a bank-owned house. And a buyer probably won’t find a property advertised as a foreclosure in marketing materials, says Mr. Melvin, who specializes in real-estate owned properties, or REOs, those that have been reclaimed by a bank, typically after an unsuccessful foreclosure auction. Where to Find Them So, if you’re considering the purchase of a home that’s owned by a bank, you’ll need to do some homework.
By Amy Hoak, Sept. 27, 2009, WSJ

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