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Home foreclosures are, unfortunately, happening in every part of the country due to the economy but this provides an excellent opportunity for many. Buying a home foreclosure can save you a great deal of money. A foreclosure can come to you in excellent condition or may be in need of repairs. If the home you are interested in "needs repairs," there are many things you can do to renovate and repair without busting your budget.
Buying a foreclosed home can come with a unique set of challenges. We're not trying to scare you off from your decision to buy a foreclosure. However, we do want to prepare you for some of the issues you may face, the solutions available and the information needed to help you decide whether this purchase is worth it in the end.
Foreclosures are down in 2013 compared to the last 5 years or so. However, foreclosed homes continue to exist and home buyers still find them in the housing market for sale. Since these properties often come at a price significantly lower than occupied homes for sale, a lot of home buyers consider them “good deals.”