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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:
Deciding to sell your house is always an emotional moment. And, if this is your first time doing this, there’s a lot of confusing information out there. Do you hire an agent? Do you fix every little problem? The questions are endless, and generally, most of the answers don’t say much more than “it depends”. But fret not! We sat down to bust all the common myths and answer the six most frequently asked questions first-time home-sellers may have. So, without spending any more time on the intro, let’s get started with the first thing on our list.