Damage To A House After Foreclosure

foreclosed homesAs banks are foreclosing hundreds of thousands of properties across the country, the question keeps arising, “Can banks make profits on foreclosed properties?” The simple answer is yes, but it does take some special circumstances for it to happen. Be prepared if you decide to purchase at an auction, most auction proceedings happen quickly and you have little time to deliberate. While buying foreclosed homes can be a very lucrative business endeavor, it can also be a very risky one too. Bankruptcy properties represent real estate seized by the courts following insolvency of the owner.foreclosed homes

The two common ways of buying a foreclosed home are through a real estate agent or through a public auction. Foreclosed homes are bank-owned properties” that eventually go to auction, where the bank tries to recoup the money for the property. The more thoroughly the house is inspected and the neighborhood and market researched, the …