A bit of real estate news:
It’s harsh but true: You can benefit from others’ misfortune. The rise in foreclosuresmeans that those in the market to buy a home can find great deals on houses that have been reclaimed by lenders. They are often sold for prices well under their market valuebecause their owners are eager to unload them.
The cheap prices do come with potential downsides: Some homes have liens against them or mortgages associated with them, which can be inherited by their new owners. It can also be hard or impossible to inspect such homes in advance of their sale, which means there’s no time to check if the basement is flooded or if the air conditioning still works.
But if you’re willing to brave the risks, then your first challenge is locating the bargains. Here are five ways to find the best deals. Click to find out.