Roughly 11 percent of homes sold fall into the foreclosure category and account for a substantial part of the real estate market. While buying a foreclosure home isn't for everyone, there are many instances where a foreclosure can offer a lot of potential benefits to the buyer. There are pros and cons to foreclosures but don't let the hype scare you away from what could be a great opportunity.
What Exactly Is A Foreclosure?
Put simply, a foreclosure is a property that has been put on auction by a bank because the owner has fallen behind or stopped making mortgage payments altogether. The bank repossesses the property and attempts to sell it to recoup the money lost from the lack of payments. When the bank auction occurs, potential buyers bid until…
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