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Real estate owned (REO) properties, also known as foreclosures, are homes or properties that are bank-owned. If you’re thinking of buying an REO property, there may be affordable options that are right for you, but the process of buying bank-owned properties is different than that of a traditional purchase. In addition to knowing how much you can comfortably afford and prequalifying for a loan, you’ll want to work with an experienced real estate agent and understand some of what makes buying real estate owned homes different.
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