(Source: Wall Street Journal)

Buying a foreclosure home often is appealing to house hunters trying to stretch their dollars. But finding a good one can be a challenge.

“The vast majority of the banks don’t want us to advertise [foreclosure homes] as ‘bank-owned’ because it comes with a negative connotation,” says Ryan Melvin, co-owner of More Realty Group in Las Vegas.

That means there’s no sign on the front lawn indicating that it’s a bank-owned house. And a buyer probably won’t find a property advertised as a foreclosure in marketing materials, says Mr. Melvin, who specializes in real-estate owned properties, or REOs, those that have been reclaimed by a bank, typically after an unsuccessful foreclosure auction.

Read Amy Hoak’s full article “How to Land a Foreclosure House” in the Wall Street Journal (September 27, 2009).

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