Sometimes the banks will buy the property at auction themselves for various reasons, and try to hold on to it to sell at a better price. These types of properties are called "Bank Owned" or "REO" Foreclosure Properties.
Many of the mortgage company and banking websites have a search feature where you can input a state and get any bank-owned property listings that are available. This can be a tedious task, and still should be used in conjunction with your Realtor, as he will have knowledge of the area and can view it before you spend your time doing so. We will be glad to help you in any way with REO purchases. Give us a call or contact us with details of what you are interested in!
