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across the country. Some consumers looking to buy a home are
wondering: Could I find a good deal on a foreclosed house?
Good deals may exist, although that depends on the locale, the
quality of the foreclosed property, and the willingness of the owner
or lender to negotiate.
You can buy a foreclosed house in four ways:
1. Through a foreclosure sale
2. At a foreclosure auction
3. From a lender who has taken back the property
4. From the U.S. Department of Housing and Urban Development
Generally speaking, the first two methods in this list are best left to
highly experienced property buyers. You must be familiar With your
state's foreclosure laws, your rights as a buyer, and how the
foreclosure process works. Mortgage foreclosure laws and
procedures vary by state.
can buy a foreclosed house from a lender who has taken back the
property. That means the property didn't sell at the foreclosure
auction, and the lender took it back to sell it through its "real estate