Buying a foreclosure can seem like a great way to get a new home without having to pay quite as much as you would for a more traditional property. Before you buy a foreclosure, though, you'll need to learn a bit more about the process. Buying a foreclosure can be a good choice, but only if you understand what doing so entails.
How to Buy the Home
There are two methods of buying a home that's in foreclosure. The first is buying a house at auction. This is uncommon for those not in the real estate business, as it requires you to be able to buy the house immediately with money that you have on-hand and you get no chance to inspect the property beforehand.
More common is buying a Real Estate Owned property. In this case, you go through much of the…