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Bank owned foreclosures are properties that the bank has taken back possession of due to the homeowners default on the mortgage. When homeowners fail to pay their mortgage banks tend to repossess the property and sell it on the market, sometimes below market value. The home may be sold in public auctions. If the property is not sold at the auctions then the bank takes possession of the land and then sells the home themselves in an effort to collect the amount owed on the property.

What this means is that you can buy repossessed property at very reasonable prices in most areas. Most homes are sold by agents and brokers who are out to make home sales on the property. Bankers on the other hand want the amount of money that is delinquent owed to them. This gives potential home buyers greater advantages. The bankers tend to attempt to collect a portion of the home value to settle the debt owed. This means that you can purchase foreclosed properties that are owned by banks below market value. Most of the bankers will rush to sell the property as well, which gives potential homeowners another advantage because bankers will often offer huge discounts on the property.

Most bank owned foreclosures are offered sometimes between 30 and 60 percent savings of market value. Most people look for no-hassle distressed properties to buy because they do not want to spend their time bidding at the auctions. Thus, if you buy from bankers you probably will get the property for less. After you have the land assessed and appraised, you can make a reasonable offer on the property. Most bankers will respond immediately. They may even offer you the advantage of buying other property at better bargains. Either way, when you deal with bankers you have a greater chance of buying foreclosed property below the market value.
Now you are probably asking where to buy foreclosed properties?
The Internet is a great place to search for banked owned land, the bank foreclosed homes guide is a good place to start or you can call your local bankers to find out if they have property for sale.