![]() Who specializes in foreclosed homes in your market. Now that you understand the risks and rewards, here are the 5 key steps to buying a home foreclosure: Step 1: Find a rockstar local agent or broker How to buy a home foreclosure: 5 key steps Your “sweat equity” drops straight to the bottom line, adding real equity and extra profit when the time comes to sell. If you have the time and skills to do any required repair work yourself, you can save a lot of money instead of contracting the labor out. They’re usually marketed to owner-occupants first, so there could be less competition if you act quickly. If you’re looking for a home to live in yourself, Housing and Urban Development homes that were financed through the FHA may be a good deal.
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