Bargain shopping is not an activity solely reserved for buying furniture or clothing. In fact, as demonstrated by the aftermath of the epic bursting of the United States housing bubble back in 2008, home buyers also like to find a real bargain, and for many this means actively shopping the local inventory of foreclosed homes.
While the purchase of a foreclosure can offer buyers an opportunity to get more house for the amount they want to spend, the process to purchase one has some important differences from a traditional home purchase that buyers should understand before deciding to make an offer on a foreclosed or bank-owned home.
Understand Auctions and Bank-Owned Foreclosures
Buying a foreclosure at auction can seem like a bargain, but the…