Article: Buying Foreclosed Properties: Important Pitfalls
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Buying Foreclosed Properties: Important Pitfalls
Many people have started looking at foreclosed properties as a new, cheap real estate investment. Properties at foreclosure sales often sell at a substantial discount, so you can get a very good deal in many cases. There are several problems you have to watch out for, however, so be careful.
First, you need to know the status of the liens on the property. You can?t just go in bidding and expect that you?ll come out owning the property - you need to know who has initiated the sale and what your state law is regarding junior and senior liens. Many houses don?t just have a single mortgage - they will have been used as security for multiple debts. A lot of would-be investors get burned this way - they buy a house for what they think is a good price, only to find out that there i...
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