Buying Foreclosures: How to Avoid a Money Pit

Foreclosures can be good deals for homebuyers, but with 1.5 million of them on the market, shopping carefully is important to guard against walking into a money pit, where you end up paying more for the home do to repairs or other problems.

Here are some tips for anyone navigating the foreclosure market:

What to Do When You Can’t Sell Your Home…

Maybe you are in a position where you have double mortgages because it was easier to purchase your new home than to sell your old home.  Or, maybe you have too high of a mortgage payment and need some financial relief to avoid foreclosure.  Or, maybe you were relocated by your company or moved due to some unforeseen circumstances in your family.