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If you’re looking to get the most house for your dollar, a foreclosure can be a potential option for you. But some wonder if those prices are too good to be true when it comes to a foreclosed home. Others might fear they’re benefitting from someone else’s misfortune.

It’s good to know what you’re buying beforehand. Here’s what you should know about foreclosures:

What a Foreclosure Is

A home is foreclosed when the previous owner fails to pay their mortgage for a certain length of time. This can vary from state to state, but it’s a process that takes months to happen, and the residents are given notice long before their hour is taken.

Technically speaking, the previous tenants aren’t actually the owners, but rather, borrowers who have control…

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If you’ve done any amount of home or condo searching, you probably see the letters MLS thrown around a lot. Realtor websites use phrases like “officially registered with the MLS” and “The latest MLS listings”.

But what does that all mean?

It’s a little complicated

The MLS is a singular concept, but there’s actually hundreds of MLSs around the world that oversee different cities, states, countries, etc. They often have different rules and regulations, but the idea remains the same.

An MLS (or Multiple Listing Service) is a network of information and services that allows brokers to offer contracts, compensation, and cooperation to other real estate professionals. It is the place where houses and other properties are listing with their full…

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