Foreclosure tours are new way to shop for real estate bargains. The premise, you tour homes that are in foreclosure, pick out one you like, then negotiate with the lender and buy the house for less than market value. There are those who say this form of real estate amounts to a clever way of taking advantage of the home’s less fortunate former owners, but since these houses have already been foreclosed on, buying one might be nothing more than a good opportunity.
So, should you you buy a home that’s in foreclosure? Well, do your research. Remember that the home was foreclosed on for a reason… don’t let yourself be the next foreclosure. Just because something seems like a bargain, don’t expect to be able to sell it immediately, especially in the current real estate market. Like anything else, use good judgment and don’t get in over your head!
The one thing we still want to know is… Do you think this is ethical?
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