Buying a foreclosure (FCL), or a property that the bank has taken away from the owner because he or she stopped paying the mortgage, is often touted as a way for both owner-occupants and investors to get a great deal on a property. However, the potential financial rewards of buying a foreclosure don't come without their share of hard work and headaches. Read on to learn about the problems these properties commonly possess and the difficulties you may encounter in purchasing one.
Problems With the Property