Banks are dumping foreclosed real estate left and right because they can't keep up with maintaining the property, due in large part to foreclosures being at an all-time high. When a bank forecloses on a home, they assume the full responsibility of re-possessing the home and any and all additional costs that the home may require. If the inventory costs of a home keep going up, the bank can no longer maintain it, and will have no choice but to sell it. They want to get rid of it quickly to avoid losing even more money. They want to sell it to you.

The subprime lending crises has multiplied the number of foreclosures that banks are being stuck with.

Banks are in the business of financing real estate, not owning it, and foreclosed real estate is the worst ownership of all for lenders. Utilities, vandalism, upkeep, safety issues, are all nightmares to a bank trying to maintain a foreclosed home. If you're looking for cheap, easy to get homes or property, then look no further than buying a foreclosed home from a bank. Since the bank wants to get rid of the home quickly, you can haggle your way down to a price that some would call a steal.

What you do with a foreclosed home after you purchase it is up to you. If you want to make even more of a killing, it would be a good idea to spruce the home up a bit, and then resell it on the "retail" real estate market. Some savvy people have been doing this for years, yet most homebuyers don't even consider it. If there's one sure-fire way to get into the real estate business, it's buying foreclosed property.

You can also purchase foreclosed homes for your personal residence. I purchased a foreclosed home in Montana not too long ago that I now use as a Christmas vacation spot. My family loves it and I didn't have to limit their Christmas gifts this year to pay for it! If you want a vacation spot anywhere in the country, this is the one method that I can't recommend enough. For the price of a nice timeshare, you can have full-time, year-round ownership

We need banks, but ultimately they need us too. Look for opportunities like foreclosed homes and take advantage of them. There are many advantages to buying foreclosed homes beyond simple investment. If you want a home for any reason, look into buying a foreclosed property first.

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