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VA/HUD AUCTION PROPERTIES?
By Pierre Mouchette | Real Property Experts LLC

REO Properties, as you know, are properties that banks own.  The primary reason that a lender owns them is that they were foreclosed on, and there were no bidders at the foreclosure sale.  Consequently, the lender took them back.  VA/HUD Auction Properties are properties that had loans backed with a VA or HUD guarantee.  Those loans were foreclosed on, with no successful bidder at foreclosure, and the property reverted to the VA or HUD.