Bank Owned Properties can be a great way to get into a home at below market value.  The previous owners failed to make the payments and the banks decided to foreclose on the property.  Some properties are in excellent condition while others need a ton of work.  When deciding on purchasing a bank owned property, you need to budget how much you are willing to invest in repairs.  Make sure you calculate both time and money because both will be needed.  Well priced bank owned homes in great condition or in very desirable locations tend to sell fast and for prices close to or even above asking price. It all depends on the individual property. 

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