What are pros, cons of buying foreclosed homes?
When a homeowner can’t make his mortgage loan payments and the lender repossesses the property, the home becomes foreclosed and is typically available for sale soon after. Many benefits can come with buying a foreclosed property, but if you’re not knowledgeable about the process, there are pitfalls you need to consider. Before you purchase a foreclosed home, review the pros and cons to avoid ugly surprises. If considering purchasing one, enlist a qualified real estate agent and your mortgage lender or broker if using one.
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