If you’re thinking about buying a foreclosure, you have to remember that the process, risks, and benefits are somewhat different from buying a non-foreclosure. An article from CNN explains some things you need to think about before buying, which includes the pros and cons of buying a foreclosure.
First, what type of foreclosure do you want? You can decide between a Pre-foreclosure, a Sheriff’s Auction, or a Repossession (REO).
A foreclosure occurs when the owner of a home is unable to meet the mortgage payments, and owes more on the home than what the home is actually worth.
A pre-foreclosure is in the foreclosure process, but it hasn’t been sent to auction. Buying a foreclosure at this stage may be slower and more expensive than buying a foreclosure at a later stage.
At a sheriff’s auction foreclosures are at their lowest prices, but are also usually require a lot…
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