Foreclosures

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Most people have a general understanding of what a foreclosure is. However, few understand that there are several kinds of foreclosures. Foreclosures may be owned by the  federal government, local taxing authorities, banks or other entities. Government Forclosures include Department of Housing and Urban Development (HUD), Veteran Administration, USDA and others. In each case, how a buyer approaches a purchase is diffierent and will require the services of a knowlegable Realtor. Bank owned (REO) foreclosures  are owned by lending institutions of many sorts and require special attention to details in order make a successful purchase.