A Bank Foreclosure is a property that has been repossessed by the bank because the owner was not able to make the required mortgage payments for the property. When this happens, the bank is now considered as the owner of the property. Most of the time, banks are not ready to own homes. That is why typically, they are eager to sell these homes to buyers at a very attractive price. Although their asking (list) price is provided, you may also present a reasonable offer below this list price. If there is no Listing Agent available, you can make offers yourself and contact the bank directly.
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