Real estate foreclosures are properties that have been repossessed by lenders because the previous owner of the property failed to make mortgage payments under the terms of the loan. The lenders then sell these properties to the public in order to recover their losses. Sometimes these properties are sold at a real estate auction, where foreclosure real estate goes to the highest bidder. But they may also be sold by the homeowners themselves, or by government agencies.
There are different types of foreclosure properties that you can buy. These include foreclosure homes, bank owned properties, repo-homes, HUD homes and VA foreclosures.
While their popularity and value as a commodity is now higher than ever, foreclosure homes have been around for many years and have always been a great way to invest in real estate. The most important thing to know about real estate investing and foreclosure properties is that while many foreclosures can be bought at prices way below market value, this is not the rule. Some foreclosure properties are sold at or around market value and will not allow you to earn as much money. You can still get very good deals, but you must do your research and carefully evaluate each opportunity
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