Buying a bank owned property can seem like a great idea. You can often buy them for significantly less than the market would otherwise require, because the bank wants to get them sold and recoup some of its losses. They may send the property to auction, or they may list it with a Realtor. Either way, you can get some great deals when buying a home that has gone to foreclosure. There can also be risks, though, so you need to make sure you know what you’re looking for and what parts of the house to have checked out before you make your purchase.