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Are there Really Benefits of Buying a Foreclosed Home?
We’ve all hear the horror stories of buying a foreclosed home if buyers are not careful but, with a stroke of luck and the right real estate agent, buying a foreclosed home can really have many significant advantages. In the past, many foreclosed homes were abandoned and many times even destroyed. In this market, that is not the case and now that lenders are more cooperative with short sales. Currently, so many distressed homeowners are living in their foreclosed homes and taking very good care of them meanwhile, lucky home buyers are getting great homes at very attractive prices while reaping many benefits.
The first benefit of buying foreclosed homes is that it saves you money: The reason it saves you money is because you are buying a home at a bottom prices and lenders are motivated to get non performing assets off their books so they can continue lending again. Since lenders are in the lending business, they often will let the house go below market value to free up capital thus allowing home buyers to benefit. In some areas today, the home prices are the same as prices were thirty years ago so those buying now are picking up ... more
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