In the past few years, many Americans have been snatching up foreclosed properties at record prices, especially because they’re usually sold far below the market rate. You’ll be hard pressed to find a property that’s bigger, more centrally located and with more potential for the same deal. However, with the seemingly endless number of pitfalls associated with foreclosures, is buying one really in your best interest?
Foreclosed homes are a hot commodity in the real estate market since they make for excellent investor opportunities. They are also great for prospective homebuyers in search of a new place of residence at a reasonable price. However, buying and managing foreclosure properties differs a bit from regular real estate transactions.