This is a Reo (REO) property. The lender possesses the property either at an auction or through an agreement with the owner during nearing foreclosure. The property is maintained by the bank or by representative agents acting as safe-keepers / sellers on their behalf. This property can fetch you the best deal when compared to the AS IS condition of any forclosed property. While the costs might be a bit higher than foreclosures, REO properties still would fetch you good savings on a house purchase deal.

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