Because I sell REO'S (Real Estate owned homes, or...foreclosures) I get daily calls on not only my listings, but others in the area.  About 8 out of 10 calls is me educating the consumers about what bank owned homes entail.  May do not understand the conditions of these homes and what it takes to purchase them. Consumers see a "deal" on a cheap house.  Here's a brief snapshot of the ins and outs.