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But of course! Great deals in real estate are nothing new, and that includes foreclosures. Keep in mind, that buying a foreclosure can be a bit more challenging, especially if you aren’t prepared to pay all cash. Lenders will scrutinize the deal all the more, you may need to put down a larger down payment, and you may also need to have money in escrow for repairs.
A few things that can help are:
1. Working with a trusted real estate agent who specializes in foreclosures. Not all real estate agents are the same; I know because I used to be one 🙂 If you want to trust your family member, coworker, or neighbor with the process, just make sure they are not learning at your expense.
2. Knowing where to find these deals. An agent can help, but if you can do some ground work, it can go a long way because, let’s face it, you’ve got more vested in finding a deal than your agent does.
I used to run a website that had listings of bank foreclosures and I sold it a few years back. Due to the market demand, have put together a new website that currently has the most up to date and comprehensive free foreclosure listings. You can visit www.freeforeclosurelistingsonline.com to learn more and browse the free listings (no registration or credit card needed!)