 TITLE: How to Buy a Foreclosure if You Have Bad Credit CONTENT: How Does a Foreclosure Sale Work?\n---------------------------------\nA home foreclosure occurs when a lender seizes a house for purposes of reselling it after a buyer fails to keep up with their mortgage payments. While it's bad news for the ousted borrower, foreclosure sales can provide major bargains for homebuyers. Lenders are typically eager to unload foreclosed properties at auction or to sell them directly to buyers, sometimes at prices below market value.\nBuying a foreclosed home entails considerable risk, due to their being sold in as-is condition: Foreclosed homes may have been unoccupied for months prior to resale and may be subject to neglect or even vandalism by evicted former occupants. For this reason and more, it's usually best to work with a mortgage broker or real estate agent who's well-versed in handling foreclosed property sales. END