The Truth About Buying a Foreclosure
By Monte Mohr
Not too long ago, the idea of buying a foreclosed property was something that only serious real estate investors thought about. But, since the housing market crashed a few years ago and a tidal wave of foreclosures hit the market, even traditional homebuyers are looking at this as a viable option. Seasoned investors are well educated on the ins and outs of buying a foreclosure, but how about the rest of us? Do we really know the benefits and the pitfalls? Or are we blindly assuming that we’ll get a great deal, or a large amount of instant equity, by purchasing a distressed home? Let’s take a closer look at the truth behind buying a foreclosure.
One of the biggest misconceptions involves the value of a home that has b