What is a foreclosure?
Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.en.wikipedia.org
Now you must understand yes you can get these homes for cheaper then other homes (if you qualify) however almost all of these homes will need TLC. I get asked this a lot " im approved for 120k the house is only 80k can I use the extra money to fix this house back up?" You would think it works like that but sadly No. So while buying your first home you want to get a deal but most first time home buyers don't have the extra 30-50k the house might need to get in back in great shape. Also these updates take awhile to fix and that means you might possibly need to find a backup place to live while this takes place.
You can check on foreclosures at hudhomestore.com and homepath.com But remember to contact me before you see these home and I will help guide you though the process.
