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Bank reposessions are properties bought directly, from an agent, or at an auction from a lender who has foreclosed on a property over which they held a mortgage.
The bank does not usually want to retain ownership of the property for any length of time, so it can be possible to pick up a real below-market-value bargain when buying a repossessed property.
In over-supplied markets where there is a glut of similar properties, it can take a long time for prices to recover, so you may need to take a long term view with this kind of opportunity.