What makes buying a foreclosed property risky?
Question:
What makes buying a foreclosed property risky?
Foreclosure property
A foreclosure property is a real estate piece which mortgage lender sells to pay its mortgage loan. The property is auctioned by the lender and anyone can purchase the property in the auction. For example, Mr. A purchased a home by taking a loan from the bank. When the bank signs a deed with Mr. A that if he is unable to pay off the loan the government has the right to sell the home. This type of property is known as foreclosed property.
Answer and Explanation:
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View this answerThere are certain risks while buying a foreclosed property. Some of them are as mentioned below:
- The first and major risk in buying a foreclosed...
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Chapter 16 / Lesson 1Explore the difference between real and personal property. Learn real property definition, see examples, and discover how it differs from personal property.
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