Buying a foreclosed home involves purchasing a property that a lender has reclaimed after the owner defaulted on mortgage payments . Because lenders prioritize recouped losses over profit, these homes often sell . However, they are typically sold "as-is," meaning the buyer is responsible for all repairs, which can range from minor cosmetic updates to major structural overhauls. 1. Choose Your Buying Method
The process varies significantly depending on the stage of foreclosure at which you buy: The pros and cons of buying a foreclosed home
