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foreclosed homes

Sixty-two thousand properties have faced foreclosure in Detroit this year over unpaid taxes. The bank, if it accepts the short sale, will require the investor to close soon on the house (usually 30 days after short sale acceptance) and that it be purchased all cash. Very often, a foreclosed home can be priced attractively below the other homes in the surrounding area, but when word gets out, numerous offers can come in rapidly and a bidding war ensues.

In its investigation, The Times found that Harbour had bought around 7,000 single-family homes in bulk sales from Fannie, the large government-controlled mortgage finance firm. Buyers of real estate are most interested in purchasing foreclosed properties for sale but they should keep some points in mind before initiating the purchase process as it involves huge money. After finding a foreclosed home, you will have to inspect the home thoroughly as some houses …