by Yownz
Foreclosure
Foreclosure takes place once the owner of the house was not able to make its monthly mortgage payments for a certain amount of time and that’s the time the lender has the right to control the property.
Usually foreclosure properties are sold at auction or it is simple owned by the lender which is often called REO’s or real estate owned properties. It is often safest to buy directly from a bank instead of at auction, in order to avoid mishandling of money with its unkown issues such as structural problems, tax liens and etc.
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