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There is nothing wrong with buying foreclosed homes. A professional should be hired to inspect the home and find out what kind of repairs will be needed. There are pros and cons with purchasing a foreclosed home.

One could find information on how to buy a foreclosed home online. Some of the useful websites are Bankrate, Zillow, Wells Fargo, Kiplinger and Money Crashers.

There are a few benefits of buying a foreclosed home. Foreclosed homes are generally cheaper than non-foreclosed homes. One can also negotiated for a better deal with a foreclosed home because banks want to sell the home quickly.

Not all cash. You have to pay some cash to buy any home (the down payment). Therefore you buy it the same way you would buy any house.