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5 August, 01:07

What makes buying a foreclosed property risk

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  1. 5 August, 02:04
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    You can not check the property beforehand for damages, which is a risk.

    Explanation:

    A foreclosure property is that property which is being sold off by a lender in order to payoff default.

    There are a number of risks involved in buying such property. The process of buying is lengthy and complicated.

    Buyers are not allowed to check the property before auction. Often these properties are damaged because the owners can not afford to manage. Or the angry owners may damage the property purposely in order to punish the lenders.
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