When it comes to buying a new home, probably one of the biggest things on everyone’s mind is whether they’ll be able to find the property they want within the price range they can afford. It seems like everywhere you look property values are on the rise, and especially in urban areas, it’s becoming difficult to find a home that meets your practical standards and still falls within the affordability range. But there are alternatives to buying on the expensive open market, and one of the most lucrative can be buying bank foreclosed homes.
When you buy from a real estate agent, the chances for getting substantial savings are very slim. An agent is not only trying to sell the home for the biggest price to benefit its owner, but the more they sell a home for, the bigger their own commission is! For this reason, buying bank foreclosure properties can be a much better way to find a truly discounted price on a home. These properties are the result of bank foreclosures, which are repossessions of homes that are then sold to collect debts. When a homeowner defaults on payment of their home mortgage loan, the lender will have to repossess their property and sell...
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