An REO Property is a property that has been scheduled for foreclosure as a result of the previous owner's default on a home mortgage loan. When a default occurs, the lender will often have to foreclose on the homeowner's property and then auction it off to the public in order to rectify the outstanding debt. These auctions are great opportunities for first-time homebuyers and real estate investors alike to find great property for well below its market value. Buying an REO property is a great way to save money and leave a big margin for profit on your next home, vacation house or investment property.
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Select a state in the list below for foreclosure listings of bank foreclosures for sale.