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Buyers Beware When Considering Buying Foreclosures
Buyers Beware When Considering Buying Foreclosures!
  All first time home  buyers should be very cautious when considering buying a Bank Foreclosed Property(REO). Many people get excited that they want to hit the jackpot by buying a Foreclosed home. Needless to say there are some truly great opportunities out there.
  At the same time common sense should prevail. Do the research about the neighborhood, schools and market prices. Do inspect the home; banks are not required to let you know about defects. Have your financing ready.
 Be prepared that the banks have priced the home generally a great deal under market value; hence it will not be a buyer's market when it comes to the property. Be prepared to be in a multiple offer situation.  Banks do not negotiate with Counter Offers. Submit your best and final offer in the beginning, then just hope for the best that you will get the property.
 If there are few foreclosed properties in the neighborhood do not think you will get the property for pennies on the dollar, be happy that you may get it for less then market value.
 The goal should be that you like the home and you want to live there not ... more

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