Foreclosure market can yield home bargains, but be careful
For our final examination of sources for bargain properties, I want you to know something about the world of real estate foreclosures. There are pros and cons, and you may come to the conclusion that this source is more trouble than it is worth. Even so, with more than 3,000 homes being advertised as foreclosures each month in the metro Atlanta area, we are talking about a lot of real estate.
In a nutshell, when a borrower stops making payments on his home loan, the lender typically sends late notices and requests that the owner get caught up as quickly as possible. After all else fails, the lender will usually turn the case over to an attorney, who will attempt to collect the debt through the foreclosure.