The Truth About The Foreclosure Market - Zillow Real Estate Advice

Unfortunately, along with the increase in foreclosures over the last several years, there has also been a corresponding increase in foreclosure scams. Many businesses have taken profits by taking advantage of unsuspecting home buyers looking to capitalize on the housing crisis, and purchase a first home or vacation home. The sad reality is that many people have fallen victim to these scams because they simply did not understand some basic facts. The facts are that home buyers should first engage a Realtor to find foreclosures. The first and most prevalent scam tactic, and a definite red flag for home buyers, is that a fee is required up-front. The fact is that many companies advertise on the web and other media offering foreclosure lists for a fee. The truth is that Realtors see foreclosures first in the MLS. Asset managers and some banks list REO properties (bank-owned, also known as post-foreclosure) directly with Realtors. Those listings then appear in the MLS and become for sale properties.

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