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Finding Your Dream Foreclosure: What to Know When You’re Buying an REO Property
EXCELLENT article on buying foreclosures.  If you are looking to buy Gainesville bank-owned properties, give me a call....there are lots of deals available!
Finding Your Dream Foreclosure: What to Know When You’re Buying an REO Property
RiSMEDIA, October 5, 2009—Amy hoak (MarketWatch/MCT)—Buying a foreclosure often is appealing to buyers trying to stretch their dollars. It’s finding a good one can that can be a challenge.

“The vast majority of the banks don’t want us to advertise them as ‘bank-owned’ because it comes with a negative connotation,” said Ryan Melvin, co-owner of More Realty Group in Las Vegas.
That means no sign on the front lawn indicating the home is anything other than a traditional sale. A buyer probably won’t find a property advertised as a foreclosure on marketing materials, said Melvin, who specializes in real-estate owned properties, or REOs, those that have been reclaimed by a bank, typically after an unsuccessful foreclosure auction.
Plus, in some markets, including Las Vegas, foreclosure inventory is actually down compared with last year as government programs attempt to keep owners in their homes and banks aren’t putting as many homes on the market, Melvin said. That’s making it harder for buyers to snag a foreclosure, ... more

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