▣ Foreclosure Fundamentals
Contrary to common belief, bank foreclosed homes can be both cheap AND safe purchases. Institutions usually just need to liquidate their foreclosed home inventory as quickly as possible. Foreclosure listings are comprised of mansions in gated communities, and more affordable homes in modest neighborhoods as well.
Be sure to assess the condition of the property before purchasing a foreclosed home. Some distressed occupants vandalize and loot these properties out of vengeance. Be on the lookout for vandalism and other potential headaches.
Consult a real estate broker if you’re interested in a foreclosed home. Some realtors specialize in the foreclosure market. With such a realtor’s guidance, you also lessen the chances of overbidding for the property.