Purchasing a bank-owned property carries the benefit of a low purchase price, typically lower than a foreclosure property. By the time a property moves from foreclosure to bank-owned status, many of the liens and other expenses have been lifted.
With a reduced price also comes the advantage of acquiring a home with equity. If the property is located in a stable area, it's likely that the neighboring property values will be higher.
Contact me today for a list of local REO properties.