By Scott Lindsley
Everyone seems to want to buy a foreclosure these days. It makes sense, considering the rate at which properties have been foreclosed on and the prices the banks are offering on many; but there is a lot to consider when buying a foreclosed property. Plenty of myths abound and plenty of considerations should be taken into account.
I don’t mean to imply that there is some huge “secret” about buying them, though the books, seminars and paid Web sites would like you to think they all know something everyone else doesn’t. However, there are pitfalls to be wary of and information to know about the process that will help those in the foreclosure market make better decisions.
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