Buying foreclosed homes can be a good investment if you know how to play your cards right. You've got to be especially careful though because it isn't as easy or as safe as buying homes that are listed with a Realtor.

When a home goes into foreclosure, the owners haven't been making their mortgage payment. Everyone knows that, but what some don't know is that these financial crises may also result in neglect and destruction of the property. Often times home owners that know they are being foreclosed on won't or can't perform general maintenance and often times will destroy the property at an attempt to get back at the lender.

Little do they know however, that the only person they are hurting is themselves by not making their payment and then destroying the property that they could have potentially sold and recouped their losses on.

Now, if you are creative and handy this can all work to your benefit. After being neglected by the current owner, the lender may have a difficult time trying to sell the property after the home foreclosure process. A vast majority of the buyers looking for a new home either don't have the time or ability to fix a neglected foreclosed home.

Buying foreclosed homes is also very risky. If you purchase the property for what you think is a good deal and do not budget enough in rehab expenses, your great deal might turn into a nightmare very quickly.

Remember that most foreclosed homes are auctioned, sold through the lender, or sold through a realtor. Be safest way to buy a foreclosed home is to buy one that is listed with a realtor so you can request inspections. The best deals are found at the auctions though. The problem with this however is that you can't even go inside the house to assess the damage or condition of the property. A quick drive by may be all that you get.

So consult a local realtor, lender, and appraiser and get them in your pocket. This way you've got a heads up on the new foreclosed homes that are ready to be bought, what their potential value is, and how to obtain financing to buy it.

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