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Bank Foreclosure Property: Myths and Facts

Bank foreclosure property listings are often overlooked by many people that are in the market for a new home. The reason that the majority of people do not look at a bank foreclosure property is that there are several myths that give them a bad name. In fact, there are many myths that also give bank foreclosure properties a good name! A bank foreclosure property can be a good buy if you know what you are doing, and know what is fact and what is fiction when buying bank foreclosure property.

Bank Foreclosure Property Myths

1. The majority of people that avoid looking at a bank foreclosure property due so because they think that all of them are dumps. This is not true, and in many cases, a bank foreclosure property will be in better shape than properties that have not been foreclosed on. The reason that this myth exists is that a bank foreclosure property has been taken off of somebody that did not pay their mortgage. This results in people automatically assuming that they did not keep up the house. Whereas this is definitely true in some cases, it is not true in all of them. It is possible to find a bank foreclosure property that has been kept up nicely.

2. It is an absolute myth that you can buy a bank foreclosure property for a dollar, or some other absurdly low price. It is true that a bank foreclosure property can be bought for below market value, but not that much below. When people find this out, they usually give up on their hunt because they state that there is no reason to buy a bank foreclosure property for the same price that you can by a home that has not been foreclosed on. This is personal preference, but you should remember that there are definitely some gems in foreclosed homes.

3. Another myth is that it is impossible to find a bank forclosure property. By trying out more traditional routes such as the newspaper, you will have trouble locating a bank foreclosure property. But by joining up with a company like, you will have access to a database of over 1.5 million repo properties. This makes finding a bank foreclosure property in your area very easy, because you will have many to choose from. You can join via a seven-day trial membership so that you can find a bank foreclosure property for your home or for investment purposes.

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