The Facts about Buying a Foreclosed Home: # What is a foreclosed property? Foreclosure is the process by which a lender or bank repossesses a home from the owner, resulting from the owner failing to make payments on the home loan. Foreclosed homes are often billed as "bank owned homes," as the home has been repossessed by the bank through the foreclosure process. # Are foreclosed homes cheaper than normal property listings? Foreclosed homes often sell for less than comparable homes that have not gone through foreclosure. A local real estate professional can guide you on the process of purchasing a foreclosure property in your area. # How does purchasing a foreclosed home differ from purchasing a non-foreclosure Foreclosed home purchases generally have longer closing periods and require additional paperwork to release the home from the bank. If homes are priced below market value, multiple offers are generally submitted and purchasing the foreclosure becomes more competitive. # How can I view foreclosed homes for sale in my area? Enter your zip code and hit the "Find Foreclosed Homes" button to see listings in your area. Gain access to foreclosed homes for sale in your area.

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