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Unless you're paying cash at an auction, you'll need a pre-approval letter to show the bank you're a serious buyer.
Is Buying a Foreclosed Home Right for You? A Guide to the Process
There are three main stages at which you can purchase a distressed property:
If the home doesn’t sell at auction, the bank takes ownership. These "bank-owned" properties are often listed through traditional real estate agents. They are easier to finance and usually allow for an inspection before closing. 2. The Pros and Cons The Pros:
Are you looking to buy a foreclosed home as a or as an investment property ?