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The Tricks and Traps of Buying bank owned REO properties - Part 3
In Parts 1 and 2 of this series, I discussed how banks handle the initial part of the foreclosure process up to the point that the foreclosure is concluded and the property is secured.  You can read more on those articles here:
The Tricks and Traps of Buying bank owned REO properties - Part 1 
The Tricks and Traps of Buying bank owned REO properties - Part 2 
  
In Parts 3 and 4, I plan on discussing how banks determine value when pricing REO properties, the common time frames affecting these listings, and financing issues in selling them.  For definitions of R.E.O, B.P.O., and other commonly used terms please refer to Part 1 of this series.
I want to first put to rest once and for all a myth regarding the pricing of R.E.O. properties.  People commonly ask me "Do you know how much was owed on the mortgage balance when the bank foreclosed?" Or "How much was the final judgment amount at the foreclosure sale?"  These questions are asked on the assumption that the bank will only consider offers equal to or a certain percentage less than the original mortgage amount.  Nothing could be further from the truth, especially with ... more

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