Bank Owned Properties & Auctions

[Kevin Fintland]

Hey Everyone,

I discovered www.auctions.com today which lists bank owned and foreclosed properties. They show houses that they are auctioning off (single family and Multifamily). Now I assume that for these properties the Banks want Cash up front, but some of the listing say "financing available".

Here's my question:

In general how hard is it to a) purchase a banked owned property and b) how hard is it to get financing to purchase bank owned properties.

I mean if the value of the home is $500K and there is only $250K outstanding on the loan, how difficult is it to convince the Bank to let you purchase the property for $250K if you can find a lender who will finance you?