The answers you are receiving are good. A local realtor in Lebanon may already know which homes are bank owned, and can advise you from there.
Unless your an investor or cash buyer, I have found buyers having trouble getting financed as most of these homes have condition issues which are not compatible with their loan pre-approvals. Also, the selling institutions are looking to get as much as possible for these homes. Your not buying them for one dollar. Charlene directed you to Homepath.com which is a good site as Homepath has a program which includes needed renovations on the properties.
My advice to buyers is to find the home you like and want, and that you are qualified to purchase, and then if its a bank owned property which may afford you a stronger bargaining position, then thats a potential bonus. But again, the condition issues have to be considered for your financing. Your loan pre-approval, what that loan programs guidelines are, and what it allows for renovations are the most important factors.
Lastly, the question of whether you are looking for a home for yourself to live in or a property to "flip" comes into play on which loan program will work for you. So make your first stop a Lender so you know what your options are, that will make the search more focused and hopefully result in a purchase for you.... more