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When banks foreclose on properties, they will engage realtors to list these properties on the MLS to get the maximum exposure whereby other realtors can pull up the lists of possibilities for our own buyers.One of the differences in buying a property that is listed as an REO (real estate owned) or foreclosed, is that the foreclosing bank can deliver clear title. Whereas if you buy at an auction, you may not be able to get title insurance.Any realtor can help you --- but be sure you use a realtor who is experienced and knowledgeable (doesn't mean the number of years he or she has been in business) who can do the following for you:1. Research the property ---- how much it sold for last, how much the bank foreclosed on, who the bank is --- all of which arm you with information you can use to write a good offer2. Determine comps in the area --- just because a property is foreclosed doesn't mean the bank is giving it away. The bank will want as close to market value as possible. Hence, low ball offers may not win3. Help you strategize how to write a strong offer. If you're in a competitive situation, you should adjust your terms and conditions to position you in a stronger light.How may I help you?
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For Sale: $899,000
For Sale: $75,000
For Sale: $249,000