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Home > Guides > Foreclosure > Bank-ow ned properties > Buying bank-ow ned properties
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If the lender takes ow nership of th through an agreement w ith the ow foreclosure or at the public auctio usually w ant to re-sell the propert unpaid loan amount. If you're a rea ... By RealtyTrac | 112 Comments
Design & Decor If a lender takes ownership of a property, either through an agreement with the owner during pre-foreclosure or at public auction, the lender will usually want to re-sell the property to recover the unpaid loan amount. Check out the tips below to find out how you can navigate a bank-owned purchase. Find and file properties Research potential bargain Contact the bank Negotiate a purchase agreement Close the deal Find and file properties It's important to get up-to-date bank-owned property information and act on it as quickly as possible. If there's no redemption period mandated by state law, the bank may re-sell repossessed property quickly. Develop a system to keep track of properties that interest you. A good tracking system is important as most foreclosure buyers pursue many properties, sometimes over a period of several months. After you find a property online, it's a good idea to drive by the property to get a better idea of the property's condition and the type of neighborhood. Some buyers and investors who have driven by the property have found notices posted there that provide more information about the bank who now owns the property. You'll also see if the property is listed with a real estate agent. Research potential bargain When you find a property that interests you, perform some preliminary research to make sure the property represents a good bargain opportunity. Your research should not take more than one or two days because you do not want to delay too long before contacting the foreclosing bank. The key pieces of information you need to gather are the estimated market value of the property and the bank's break-even amount. The bank's break-even amount includes the unpaid balance of the loan, any fees and costs incurred during the foreclosure process and any other liens the bank had to pay off to take ownership of the property. Contact the bank You or your real estate agent should initiate contact with the bank to express your interest in the property. Before you expend the time and effort to contact
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By Voices Member, Tue Aug 17 2010, 16:05 How to Buy Bank-Owned Foreclosed Properties
There are many types of properties you can buy in the real estate world. Majority of people hire real estate agents that would help them purchase property listed on multiple listing service (MLS) while some would look for bargains or foreclosure of real-estate owned (REO) by a loan company or bank. Here is the buying process to purchase bankowned foreclosed properties: 1. Search the internet there is a wealth of information on the web. If youre looking in the United States, every real estate market in the country is served by Board of Realtors. These realtors maintain a database in every neighborhood, town, and city. This database is called MLS and it includes bank-owned foreclosure properties among others. 2. Contact a qualified realtor in foreclosure properties, the bank is called the home seller. These banks will typically hire listing agents in order to sell their inventory since theyre in the lending business, not in real estate sales. However, their agents cant help you get a great deal on the foreclosed property. When buying bank-owned foreclosed properties, you must be represented by a buyers agent wholl represent your best interest in buying a home. For the remainder of the steps view here: http://www.openmarketrealty.com/blog/how-to-buy-bank-ownedforeclosed-properties/
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By Dora, Sun Aug 22 2010, 22:11 looking for property that I can afford in the area of inglewood, gardena,
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By Dora, Sun Aug 22 2010, 22:13 if you can send me msl free listing for homes in that area, thank you
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By Karen, Fri Sep 17 2010, 06:46 send me all info on properties you have from Manorville to Southampton. under $100k thanks, Karen Larmony email: KLarmony@gmail.com
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By Karen, Fri Sep 17 2010, 06:47 Please send me all the listings you have in Manorville to Southampton under $100k You can email me at KLarmony@gmail.com with the info, prices, taxes etc. thanks, Karen
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By Gurpreet, Tue Sep 28 2010, 08:19 please send me all info on properties u have in queens ,ny,from $50000-$100000 ,thanks,email:gbassi99@yahoo.com Gurpreet
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By Realestate Buff, Thu Nov 18 2010, 21:42 If you want listings in a particular area, find a Realtor in the area who will link you up with up to the minute MLS listings.
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By Megan, Wed Dec 15 2010, 15:00 I'm under contract with the bank for a foreclosed home that, based on a subsequent inspection, has some serious issues. Can anyone advise on the limits set on the bank with regard to buyer assistance? The contract is for full asking price but maximum seller contribution towards closing, which was the deal before I knew I had some serious work ahead. I'm thinking there has to be something else they can do in the way of accomodating the repairs. I would like to have them done myself if possible but closing date is fast approaching. I'm told they can not cut me a check for the repairs they have agreed to, even if they agree with the estimates I provided, and get the distinct feeling I am not asking the right way. Agents are not being of great assistance.
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By Lisa Richart, Mon Jan 10 2011, 13:51 Megan, I hope someone helped you already, but there other possible loan options, depending on how much time you have until closing. There is a 203K FHA loan that allows the buyer to put the minimum 3.5% down and get money for the repairs financed into the home. Ask your lender what other options there are. In most cases you will find the seller (bank) not willing to invest major repairs, but will consider closing cost concessions that are allowed by the lender, usually up to about 6%. Hope this helps!
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By Sam, Fri Jan 28 2011, 09:48 how do i find the REO of the estate?
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By Sam, Fri Jan 28 2011, 09:49 how do i find the REO of the estate?
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By Anna, Sat Jan 29 2011, 20:41 looking for house, bank own or preforcloser call 248.434.7682
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By John, Sat Feb 12 2011, 08:39 Does any one know anything about the foreclosure Olde English Lane in Gilford NH jjjscannell@yahoo.com
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By Lin, Mon Feb 14 2011, 10:31 looking for a house bank owed, please send me all the listings you have in addison il, or lombard il my email is linda11131@comcast.net
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By Kw, Mon Feb 14 2011, 23:34 Looking for a single family home, not more than 150;000.- close to Northridge, Ca91325. Pls inform me kwnoto@yahoo.com. Thanks.
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By Shamsin, Tue Feb 15 2011, 20:09 Looking for a foreclosure multi-family home in Jesrey City, New Jersey. Pl email to shamsin@aol.com . Thanks.
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By Rever, Wed Feb 16 2011, 01:42 Looking for a foreclosure home in New york city, not more than USD250,000.00 please email to shania2826@yahoo.com.hk
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By Maribel, Sat Feb 19 2011, 09:16 Hi I'm looking for a foreclosed single home property in the area of atglen, parkesburg, christiana, and east fallowfield, not more than 290,000. Can you please email them to me at maribelpantoja84@gmail.com
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By Patty, Tue Mar 1 2011, 07:34 We are interested in a home that according to the owner has some mold issues. If we can get the home at a decent price on a short sale how serious is getting mold issues taken care of or should we avoid this house.
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By Ella, Fri Mar 4 2011, 07:30 We looking for foreclosure condo or townhouse at least 3 bedrooms, 3 baths in Boca Rotan area. Can you please email them to me at ella2thebella@gmail.com.
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By Poqaqoe, Sun Mar 13 2011, 14:17 My husband retained the property we owned in the divorce settlement. It went into foreclosure and he filed bankruptcy. It was listed for public auction on Feb 22, 2011. How do I find out if it sold? And how long does he get to remain in the home? Is the buyer, if it sold, a matter of public record? His mother owns the adjoining property and Im assuming she would purchase it at auction as she gave him the property. I am very curious about finding out what happened to the home I sunk my entire life savings into and now have a foreclosure on my credit because of his inability to pay for it. How do I find out this info? Thanks for any help
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By Kimt, Wed Mar 16 2011, 14:54 Hello, I'm interested in townhouse/condo in Sterling, VA area. Price range from 50-130K. Please send me a listing to kimcheenkt@yahoo.com. Thank you!
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By Dan Lobb (469) 767-0930, Wed Mar 16 2011, 23:40 Many banks require that you use their sales addenda in addition to the contract. These will usually contain language indicating that the addenda takes precedence over the contract where they conflict. The lender will not always make this addenda available to the buyers or their real estate brokers/agents before the offer is tentatively accepted. Be sure to read the all the addenda at your first opportunity.
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By Marigeo, Sun Apr 3 2011, 16:02 I am looking for a 2-3 bedroom wood frame home in the vacinity of 20K-38K. Thank you
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By Mom, Fri Apr 15 2011, 19:04 can one of the real state agents that knows very well REO homes in Horizon city Texas 79928 or Clint Texas 79836 can someone send me a REO list no more than 70 please GOD BLESS. antonia71@live.com
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By Alma, Mon Apr 25 2011, 13:52 I am interested in buying a house in New Rochelle, Ny. I have noticed that the banks has alot of houses. How could I recieve a information about the houses in my area? My email is almatejedao@hotmail.com
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By Paul, Fri May 6 2011, 03:26 looking for condo`s in cape coral fl, please forward a list of foreclosed properties to paul@tee4me.co.uk thank you
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By Rebecca, Mon May 9 2011, 18:48 Hi I am looking for bank owned properties in the westchester NY or Bergen county NJ area. Please email me at rebk925@gmail.com tks
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By Sherif, Sat May 14 2011, 14:31 I am looking for foreclosure or bank owened townhouse or singl home at least 3 bedrooms, 2 baths in East brunswick . Marlborow . Monroe Can you please email them to me at sherif_elsabawy@yahoo.com. ..
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By Drains, Mon May 16 2011, 20:14 I am looking for foreclosure or bank owned single family homes at least 3 bedroom, 2 bath in Orange Texas area please email me at derrick.rains@yahoo.com
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By Sunny Buster Bandit, Fri May 20 2011, 10:08 looking for forclosure or bank owned 3 family homes in manchester nh. sarah.hogue@hotmail.com
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By Janna_1313, Fri May 20 2011, 17:42 I am homeless, living with my son in my neighbors hause after foreclosure of my own home, now.....I am looking for foreclosure or bank owned single family hause - 3 bedroom, 2 bath or so in West COLUMBIA, SOUTH CAROLINA 29170 area please HELP TO FIND MY HOME!!! email me at janna_1313@yahoo.com
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By Rjperkins, Sun Jun 5 2011, 10:53 Looking for homes in Lakewood, CA that are $150,000 to $320,000. Please email me at rjperkins66@msn.com. Put in subject line Properties for sale in Lakewood, CA
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By Jo Ann, Sun Jun 19 2011, 17:13 I know a property is bank owned but when I call they refer me to their web site. The property isnt there. How else can I get in contact with the REO department?
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By Woodsonnicolas, Sun Jul 3 2011, 14:47 I'm looking for a foreclosure home below the maximum amount of 30k40k.Thats the max i'm willing to pay cash wise. I'm interested in homes located in Miami, Fort Lauderdale, Naples, FL or Stone Mountain, GA. Please email me at woodsonnicolas@yahoo.com. I'm really interested in these REO properties. Please serious replies only!
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By Ms, Mon Jul 18 2011, 17:20 Are foreclosures readily available to all Realtor's. We are looking in the Forest Hills school district in MI. Thanks
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By KB24_8, Fri Jul 22 2011, 22:05 I am looking for a 4 bed 2 bath in the Rosemead, San Gabriel area CA please let me know if there are any REO shortsales for these areas.
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By Harry, Sat Jul 23 2011, 11:41 i am looking 3 bed 2 bath singel house by 60616 and 60608 price $10000-$70000,if have it please call me 312-608-2358 my name harry
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By Nicola, Wed Aug 3 2011, 17:11 I am commenting on the property at 9 Red Forest Way, North Oaks, MN 55127. This property is not in active auction or foreclosure. Is it legal for you to advertise an auction that does not exist? Sincerely, The Home Owner
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By Jamesjw0165, Fri Aug 26 2011, 01:14 hi imlooking for foreclosure home near picayune ms like the one on point view but to much for the work to be done looking for around the 140000 150000 range. my email is jamesjw0165@bellsouth.net thanks
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By Kenol Charlemagne, Tue Sep 6 2011, 15:54 I would likke to receive offer from Bank owned and foreclosures. properties in New York New Jersey and Connecticut
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By Kenol Charlemagne, Tue Sep 6 2011, 16:02 I would like to receive offer from bank owned and foreclosures. properties in New York, New jersey and Connecticut.
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By Kenol Charlemagne, Tue Sep 6 2011, 16:02 I would like to receive offer from bank owned and foreclosures. properties in New York, New jersey and Connecticut.
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By Kenol Charlemagne, Tue Sep 6 2011, 16:02 I would like to receive offer from bank owned and foreclosures. properties in New York, New jersey and Connecticut.
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By Kenol Charlemagne, Tue Sep 6 2011, 16:02 I would like to receive offer from bank owned and foreclosures. properties in New York, New jersey and Connecticut.
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By Jeo, Sun Sep 18 2011, 21:32 I am looking for foreclosure or bank ownd family home for 4 bed 2bath in montgomery.AL 37117 or 36064 please e-mail me at sunsearay@hanmail.net
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By Jc, Tue Sep 20 2011, 22:18 Looking for foreclosures in Julington Creek/Fruit Cove, FL 4+Br/2+B in the $125,000-$150,000 ballpark. Can anyone help? jne3798@hotmail.com
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By Nicole Mcdonald, Fri Sep 23 2011, 09:46 I have been trying to find out about a property listed in Realty Trac on 918-2011.It is bank owned. I have called the bank and they gave me a number to a Mortgage Servicing Company. They don't show it in their list of REO's but they are listed as owner on the tax record. I even have a realtor helping me with this and she can't figure it out either. Any thing else that I can do to find out when this house will be available?
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By Lisa A Domenick, Wed Sep 28 2011, 00:04 i am really interested in a manufactured home to replace my 1974 dblwide on my own 1/2 acre lot with the width not being greater than 56 ft wide i appreciate any ideas or respnses fire away
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By Carmen Brodeur, Realtor & Attorney, Mon Oct 3 2011, 11:52 Bank owned homes can be an excellent investment in today's market.
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By Lovly1, Fri Oct 28 2011, 07:26 STOP!!!!!! PLEASE READ! HELP! PLEASE CONTACT ME IF YOU KNOW OF ANY REO PROPERTIES OR WHERE TO GO FOR THESE LISITNGS IN N.Y. LONG ISLAND LOVLY145454@YAHOO.COM I APPRECIATE ANY GUIDANCE : )
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By Lovly1, Fri Oct 28 2011, 07:28 STOP!!!!!! PLEASE READ! HELP! PLEASE CONTACT ME IF YOU KNOW OF ANY REO PROPERTIES OR WHERE TO GO FOR THESE LISITNGS IN N.Y. LONG ISLAND LOVLY145454@YAHOO.COM ..
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By Lovly1, Fri Oct 28 2011, 07:28 STOP!!!!!! PLEASE READ! HELP! PLEASE CONTACT ME IF YOU KNOW OF ANY REO PROPERTIES OR WHERE TO GO FOR THESE LISITNGS IN N.Y. LONG ISLAND LOVLY145454@YAHOO.COM ..
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By Naps With Cats, Sat Oct 29 2011, 14:52 I am looking for a free, well kept house. :-
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By Scoloradosea, Sun Oct 30 2011, 10:33 Please keep me posted on bank owned foreclosures in Woodland Park and Buena Vista CO. in the small sq. ft and low price range. Thanks!
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By Tori, Sun Nov 13 2011, 11:57 You can find the REO foreclosures if you have the MLS#. It will have to be cross-referenced in Google. That's how I found alot of my REO listings for free. Complete addresses, and other details about the houses. Realty Trac is trying to make money. You can also go into HUD foreclosures.gov they're list are free too.
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By Barbara Irvin, Mon Nov 28 2011, 06:01 For everyone who chooses not to use a Buyers Agent please remember that the representative at the Bank is working for the Bank to get the property sold. There is no loyalty to the Buyer. Banks are prepared to pay a Buyer Agent commission, the Buyers do not pay a commission. It is in your best interest to find a Buyer Agent to represent you to assist with the purchase of the property. There are no warranties or guaranties with a foreclosure or a short sale. A Buyer Agent will assist you with the right steps to purchase a property so that you will not have any issues with when the process is completed. Beware of the unknown! If you need assistance in the Ft. Lauderdale area give me a call; Barbara Easton-Irvin, Atlantic Properties, 843-2679232.
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By Aneta Ivanova, Sat Dec 3 2011, 17:51 If anybody is intersted buying in Las Vegas-Nevada call me or log in my website to search http://lasvegasforsalehomes.com
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By Roberthead76, Tue Jan 3 2012, 18:47 I'm looking to purchase a home this time next year in Coppell Tx, should I wait or look to buy a foreclosure now. I am a vet and was going to use my VA loan. If I buy from an auction or a bank owned property how much will a VA loan help me out?
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By Armando Cardoso, Wed Feb 15 2012, 18:53 I Armando want to buy a home in Arizona in Gilbert, Queens Creek area how can I get Bank foreclosure help email actimber@shaw.ca
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By Connie, Fri Mar 16 2012, 00:43 foreclosures or bank owned properties in fresno ca 93705. conniecanicas@hotmail.com Thanks
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By Oscar Falcon, Mon Mar 19 2012, 12:32 I looking for a multifamily foreclosure or Bank owned property in Phoenix AZ.Please contact me @ , oscargen@aol.com . Thanks
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By Bumb Deal, Sat Mar 24 2012, 07:48 Bank owned Foreclosures can be a real Bumb Deal for the buyer! Banks by law are not required to make any disclosures regarding the condition of the property. Believe me when I say IT IS BUYER BEWARE! A perfect example of this is the REO property located a 2138 Paseo Donito, Alpine, CA 91901. The roof leaks & needs to be replaced & there is mold & water damage on both the first & second floors due to the leaking roof. There are 2 private road maintenance agreements tied to the property. There are a number of access easements across the property. Alpine Fire is owed $4,500.00 for hazard abatement work done by them. None of this was or will be disclosed by the BANK! BUYER BEWARE!
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By Mrcharles, Sun Mar 25 2012, 10:59 I am looking for a very good opportunity in rancho santa fe california,i want to spend from $750'000.00 to 1,000,000.00 cash. 8134746818 email charles.wilson474@ gmail.com
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By vicky0549, Tue Apr 3 2012, 07:44 I would like to know if there are any foreclosed auctions in eastpointe mi and what there adresses are and what street located on I'm interested in how you would go to bid on theses homes I'm not an investor
By Se.educ, Sun Apr 8 2012, 14:26 I have cash money and looking for a home in southern California (riverside or orange county). I am looking for less than 90K home 3+beds 2+ baths, built after 1970, not mobile nor manufactured. If you have any, please send information to my email se.educ@yahoo.com Thanks
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By Maira.Nguyen90, Tue Apr 10 2012, 14:06 Please help!! if you know someone or yourself have a list of REO properties in San Jose, CA or Orlando, Fl in 50K or lower, please send to me Marez_Iraq@yahoo.com
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By Gagan, Sat Apr 21 2012, 14:37 I need a property in Valencia ca 91355...my budget is 165000.
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By gp6778, Sat Apr 21 2012, 21:05 Hi all, I am looking for a bank owned/foreclosure, short-sell property in Pleasanton, CA area. Could someone please email me contact info or list to gp6778@gmail.com? thanks, Perry
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By Danny Bastkowski, Sun May 20 2012, 17:45 Have access to about 14 banks REO departments, email info@dallaspropertiesnj.com with your acquisition criteria to review the accommodation of your request, thanks.
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By Amanda Anzenberger, Tue May 29 2012, 10:25 Looking for ranch 2-3 bedroom ,1-2 baths. with low price near Dearborn or DBH area. want to move out asap.
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By David R.Indermill, Wed May 30 2012, 23:36 The best way to buy a REO is to be direct with listing agent as they prefer to represent both buyer and seller. Another way is to be direct to thebank via an asset manager.
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By Matie, Fri Jun 8 2012, 05:05 For all deals you can use free foreclosure search http://www.indexpost.com/
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By Elvis Kofie, Wed Jul 11 2012, 21:21 I am looking for a Single Family Home REO in the Fort Washington, Md. area to buy. If anyone has any information on any properties in the 20744 zip code in an REO, please email me the details. My email address is ekofie1@hotmail.com. Thanks
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By Peach, Thu Jul 26 2012, 09:30 is 200 south fourth st home availble to buy or r the present tenents staying ???? how do i know ; intrested in this house n tu
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