For starters you may think that you are doing the bank a favor by taking the troubled real estate off of their hands and getting a steal for new property, but it is as important to realize the differences and compare pros and cons of REO and Foreclosure.  You can download or purchase REO software, use already programmed systems through banks such as Bank of America REO and find REO properties, but you may find it helpful and beneficial to understand how REO is unique and thus be more informed by doing your homework.  Basically, an REO stands for Real Estate Owned and is a property that is returned to the mortgage company after what is typically an unsuccessful foreclosure auction.  Foreclosures on the other hand starts out with a minimum bid that includes a loan balance, accrued interest, attorney fees and costs associated.  You place a bid you need a cashier’s check the full amount.  Once the property reverts to the bank it becomes a REO and the mortgage loan no longer exists.  You can then find REO properties on bank sites such as on Bank of America REO and find the best price possible without any dumping results. 

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