The difference between a ‘Foreclosure’ and a ‘Bank-Owned Home’ may be technical, but  important to understand.  Foreclosures are properties that are auctioned off in a court process. A bank-owned home, on the other hand, is one that has reverted to the mortgage issuer: a bank. A foreclosure can change hands with the bang of the auctioneer’s gavel: it’s a cash-in-hand situation, carrying all of the excitement (and risk) of any auction. With

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