4 Secrets to Scoring a Bank-Owned Property Deal

Scanning the foreclosure listings to snap up your dream home on the cheap?

It's tempting indeed to take the bottom-fisher route, especially when bank-owned deals are so plentiful and annual housing prices in 20 major cities combined declined 3.8 percent in January, according to the closely watched S&P/Case-Shiller U.S. National Home Price Index released Tuesday.

But veteran real estate agents offer up some sound advice for would-be buyers homing in on bank-owned properties, short-sale deals, and foreclosures. Here's how to keep the frustration level low when shopping for your bargain-basement dream home.


1. Get your terms straight.

"Foreclosures" is a loose term that buyers bandy about when telling their real estate agent to seek them out. In most cases, homebuyers aren't really looking for foreclosures in the technical sense.