In every crisis there is always a good opportunity to invest. So, don't be surprised if you find near-foreclosure homes as hot targets among investors wanting to add new property in their portfolio.
Being keen in buying repossessed properties will yield a lot of good and profitable results. However, what is the catch in enjoying this good opportunity? Typically, near-foreclosure homes are bought by lenders and as expected they want to get back the money they spent by placing the property in the market. But, as a buyer you have to pay for the defaulted payments, too. The process of reselling is quite expensive and it really requires hard work.
Lenders will look for opportunities to get recover their money and usually the process they consider doing would be an auction. This will possibly yield quick sale and yes, they will get their money back.
The idea and the process are always about getting back the money spent in buying the repossessed home. And since bidding and auction are the best resorts in handling this kind of business, investors should be keen about this. It can be considered as a smart investment when the time comes that nobody is willing to buy but you. The lender doesn't have the choice but to sell it and get the money back.