Foreclosed homes, also known as bank-owned properties or REOs (Real Estate Owned), are properties that have been seized by the lender due to the previous owner’s inability to pay the mortgage. These homes are then sold off by the lender at a discounted price to recover their losses. Buying a foreclosed home can be a tempting option for homebuyers looking for a good deal, but it’s important to weigh the pros and cons before making a decision. Pros of Purchasing Foreclosed Homes One of the biggest advantages of buying a foreclosed home is the potential for significant cost savings. Since lenders are primarily interested in recovering their losses, foreclosed homes…