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Derek Guest, Other/Just Looking in uk

what is a foreclosure home and how does it differ from a normal house purchase?

Asked by Derek Guest, uk Tue Mar 11, 2008

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A foreclosure is when a bank owns the home because the owner defaulted on paying the loan (mortgage). The biggest difference between foreclosures and owner sales is AS-IS/WHERE IS which has major legal and financial consequences. Too many to list here.

Susan Walker
0 votes Thank Flag Link Tue Mar 11, 2008
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