When you are looking on auction.com could someone clarify the difference between bank owned and foreclosure.
Bank owned properties are foreclosed properties.
Bank owned-REO typically sold with clear title and title insurance.
Foreclosure auction-crap shoot, buyer beware, as far as clear title and liens.
This is kind of an obscure concept:
"foreclosure" refers to the reason why a property is up for sale (somebody didn't fulfill a financial obligation). "Bank Owned" refers to a status of ownership (kind of).
When something is foreclosed, the ownership is taken over by whoever the note or lien holder is / was - sometimes called "the beneficiary", or "the bank", but technically it is REO - which is a pretty vague term that refers to "real estate owned". It could be a bank, or a hedge fund, or a bond, or the US government, or a credit union, or an individual, or a LLC, or a corp, etc... Really could be any person or entity that held a note that defaulted.