Foreclosed properties are sold at a discount but come with risks like repairs and title issues. Buyers can find them online or in newspapers. Getting a mortgage pre-approval is crucial. Renovation loans can help with repairs. Research the property's history for liens and title issues. Home inspections are vital as foreclosed homes are sold "as is." Buying at auction requires cash upfront. Consult an attorney for legal procedures. REO agents can assist in buying from lenders. The closing process varies based on the property type.
Continue to full article
