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A foreclosed home is seized after the owner fails to honor mortgage repayments and put up for sale by the bank. Foreclosed homes are owned by the bank and their buying process is markedly different from that of standard homes. Most foreclosed properties are sold as-is which means that the bank will not be negotiating to make repairs for you. Some of the common reasons that lead to foreclosures include loss of a job, plummeting home prices, liquidation due to bankruptcy, expensive maintenance issues, and insurmountable credit card debt. We take a look at the pros and cons of buying a foreclosed home for potential buyers. There are three different ways through which you can buy a foreclosed home:
Understanding the housing market can help you make an informed decision about when it is the best time to purchase or sell a home. Real estate agents can provide guidance, but as a home buyer or seller, it’s necessary to do research and understand the local market. Here are some ways home buyers and sellers can analyze and understand the housing market:
After buying a home, most people consider the need for furnishings, linens and draperies. While they’re busy fixing their houses up and turning them...