buying foreclosures

Is a Foreclosure Purchase Right for You?

Is a Foreclosure Purchase Right for You?

Buying a foreclosed property is often plugged as a way to get a terrific deal on a property although the foreclosure industry is tightening up with today’s relatively strong job market. There are two ways to purchase a foreclosure property – at auction, or, if sale is unsuccessful at auction, after a bank has taken ownership. These types of homes are also known as REO, or real-estate owned homes.