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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.
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