Repossesed Property
Repossesed property is property slated for sale at public auction due to the previous homeowner's default on their home mortgage loan payments. When a default occurs, the lender will often have to repossess the homeowner's property and sell it at auction in order to reclaim the amount lost on the loan. This presents an opportunity for homebuyers and investors to save money on real estate, since repossesed property sells for far less at auction than it does on the real market.
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