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Buying From The Bank

by Edith Lank

Ms. Lank: We're very interested in buying a foreclosure that is slated for auction next month. We've been advised to skip the auction because the lender typically wins and it's not a great place for first-time bidders to get a good deal. As far as we can tell, the home was not up for sale before going straight to foreclosure. Have you ever heard of contacting the bank with an offer to try and get under contract and avoid an auction scenario? We have a good idea of what is still owed on the ho ...

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