Often having the most appealing listing prices, foreclosed homes for sale are some of the most popular properties on the market. Whether you’re a young couple interested in flipping or an experienced investor looking for new property to add to your portfolio, foreclosures are a great place to get started. But, while the price tags may be drool-worthy, there are some things to know before buying foreclosed homes that may have you reconsidering your appetite.
What Are Foreclosures?
First and foremost, the most important step to buying foreclosed property is understanding exactly what it is and how the listing price makes any sense at all.
Foreclosures are properties that the mortgage lender has taken possession of after the lender…