In a hot real estate market like the one we’re in, there are a whole lot of reasons to look into purchasing a foreclosed home. But what does buying a foreclosed home mean for you exactly? Foreclosure is the process where a lender takes possession of a building after the owner has fallen behind on their payments. The idea is for them to ultimately make back the money they lost on the defaulted loan by selling the property. You can often get homes at a low price this way, but is it really worth it for you? Find out some of the pros and cons, and decide for yourself.
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