What are foreclosures?

Question: if there so cheap why arent people all over them? Are there any loop holes?

Answer:
When you can no longer afford your house payments, the bank takes your house. It forecloses. The bank doesn't want to loose their money they invested in the house, so they sell it as a foreclosure. Sometimes they sell really cheap, but sometimes they are above what they are worth. It depends on how much was owed on them at the time of the foreclosure.

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