What are Bank Foreclosures? Bank foreclosure properties are also called real estate owned properties or REOs. This homes that remained unsold after the auction and the lender takes it back and sells it.Sometimes foreclosure properties are listed, but the majority are not. It takes a lot of time, effort and expense to assemble a complete list of foreclosures, which is one reason why real estate agents (or anyone else for that matter) go to the trouble of compiling one.

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