When you're searching for a home, it can be hard not to be attracted to a foreclosed home. They're often a great price and some are located in desirable neighborhoods, but don't be so quick to jump at the opportunity. Here are a few things you should know before you commit to buying a foreclosure property.
Types Of Foreclosure Properties
There are four stages of a foreclosure sale, and knowing the difference between them could help protect you as a buyer.
- Pre-foreclosure or short sale: With these ones, the current owner still has control over the property and will vacate when the home has been purchased by a buyer. The advantage to this type of sale is that the home is still sold as-is, but buyers can opt for an inspection before the