Foreclosures and Bank Owned

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Foreclosure Homes

foreclosuresHardcore real estate investors kept their eagle eye on various property deals to get the most out of their investment. For most of the real estate investors turned landlords, a foreclosure home is always a lucrative deal.

Reason being, they are cheap – the lower the price, the better deal a landlord gets. Foreclosure is a legal process in which a homeowner's right to its property are declared null due to failure to pay the mortgage and the property gets eligible for a foreclosure auction.

Since these homes are cheap as compare to other properties, landlords or property investors find it quite tempting. But, remember apart from some great opportunities, there are also some challenges associated with a foreclosure home. Have a look at a few challenges that you should look out for when buying a foreclosed home: