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Pros And Cons Of Buying A Foreclosed Home

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: