BuyingAHome-JenniferChristenot

process of foreclosure and not only continue not to receive any
payments, but also incur more expenses, the lender is often
eager to sell it to someone who will pay the mortgage, even if
they have to offer a great deal to do it.
9.) What are foreclosures and what are the pros and cons to
buying a home that’s been foreclosed?
Foreclosure is a legal proceeding started by the lender when
a homeowner has stopped making their mortgage payments.
Typically no homeowner goes into foreclosure willingly but
rather because they were laid off or fired from their job,
unable to work due to medical conditions, excessive debt and
bills, divorce, and a number of other reasons. For this reason,
homeowners that have been put into foreclosure are often
frustrated, and that’s just one of the things that can make
the process of buying a foreclosed home so difficult. If buyers
choose to embark on this journey, it’s very important that they
know what they’re in for, and what the pros and cons are.
The biggest reason buyers typically show interest in foreclosed
homes is because they can get them at a great deal. Lenders
don’t usually want to keep a property that’s not getting them
any profit on their books, so they want to sell it as quickly as
possible. Because of this, they’re often willing to offer buyers
great deals and the price that’s paid is often well under market
value for the home. When this happens in a foreclosure deal,
the buyer has already profited before they’ve even moved into
the home.
FAQ’S ABOUT BUYING A HOME | JENNIFER CHRISTENOT
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