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There are Pros and Cons of buying a Foreclosed property. Here are just a few:
If you can buy a pre-foreclosed property (from the owner) you may be able to save a significant amount of money if the owner is willing to just sell for what is owed.
If you are able to get a good price then you will have instant equity in the home.
Often, banks are willing to take less than the note in order to re-coup most of their investment
If the owner owes more than the home is worth you then you will end up paying too much money.
The home may need costly repairs
If the home has been vacant for a while, this may cause Maintenance issues (such as AC and Heating, wood rotting and bug issues)
Lengthy drawn out Closing procedures
May assume some of the debt if their are liens on the property
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