Properties in Foreclosure

Properties in foreclosure are homes or real estate that the owner has failed to pay for, typically due to missed mortgage payments. When this happens, the lender (often a bank) can take legal action to repossess the property. This process can lead to the property being sold at auction, often at a lower price than its market value. For buyers, foreclosures can represent an opportunity to purchase real estate at a discount, but they may also come with risks, such as needed repairs or legal complications. Understanding foreclosure helps potential buyers navigate this complex market.