2 Pros and Cons of Buying a Foreclosed Home

2 Pros and Cons of Buying a Foreclosed Home

When you buy a foreclosure, you're effectively buying a home a bank or lender has reclaimed because the owner stopped making payments on their mortgage. While there are benefits to buying a foreclosure, there are also some key drawbacks you should know about. Because of this, you'll generally pay a lot less for a foreclosure than you will for a standard home.