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7 steps to a great foreclosure buy

Pay cash, if possible
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"Some lenders are favoring cash transactions over finance purchases and taking deeper discounts to sell the property," says Adams, whose company has a department that handles only bank-owned properties.

If cash is not an option for you, it's important to get prequalified for a loan so you can react quickly once you find a home.

You can look for the best interest rate by searching Bankrate's mortgage rate tables, then contact the lender to get pre-approved.


 

 

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