Foreclosures can be a real estate investor’s best friend. This is because most homes that are in foreclosure can sell on the cheap. We bought our very first home as a foreclosure! We got a heck of an deal. I’m not just saying that because we loved the home either.
Foreclosures happen when a homeowner misses out on their mortgage payments and is unable to come up with the money to repay the lender. Most of the time, the lender chooses to foreclose a home when there are several consecutive missed payments and infrequent communication with the borrower. Foreclosure can help the lender minimize losses on the loan.
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