It's a good idea to buy a foreclosure. Here's how

(MONEY Magazine) Shopping for a new home on Long Island after the birth of their daughter, Chris and Diane Moore fell in love with a 1920s Mediterranean-style home with a storied history.

Built by Columbia Pictures to house visiting stars like Charlie Chaplin, the five-bedroom home in Baldwin, N.Y., has a bell system for servants and a sweeping indoor balcony.

The home was sold as a short sale, in which a lender must agree to accept less than what's owed on a property. And as often happens with such deals, the buying process soon turned into a horror show: 

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