Area Foreclosures, Short Sales and Bank Owned Listings
Understanding Financially Distressed Listings
Foreclosed houses are real estate properties that have been foreclosed by the lending companies or the government because of the failure of the owner to pay their loans or mortgages.
As such, whenever a banking institution or an agency end the long and complicated legal process with the foreclosure, they have to sell it off right away to get the proceeds and apply it to the terms of the contract.
Despite the sad picture of foreclosure, it should not keep you from purchasing these properties. Actually buying foreclosure houses is a good way to turn a difficult thing into a wonderful opportunity.