The REO Guide: 10 Steps to Buying a Bank-Owned Home
PennyMac
DECEMBER 22, 2020
The lender initiates legal proceedings against the borrower to foreclose on the property. The property is then offered to the public at a foreclosure auction and typically sold to the highest bidder. During the appraisal, a licensed appraiser will take inventory of major systems (i.e., Foreclosure.
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