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I bought a house about 12 months ago now. If I could go back I would have looked more into foreclosed homes. However alot of them are in very rough shape because it kind of goes hand in hand that people who dont pay their bills often have other issues in life as well. Also alot of people get foreclosed on in the first years of ownership which means they haven't payed the mortgage down that much. Its hard to get foreclosed on if you have a budget and lived in a house for 10-15 years. Unless you loose your job but most people at that point are smart enough to sell at a loss instead of getting forclosed.
If you search long enough you can probably find a good house for a good price.
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