A repossessed house is a property that has been taken over by a mortgage lender because the homeowner has failed to make payments on their home mortgage loan. Often, the lender will sell the repossessed house at public auction in order to retrieve the amount lost on the loan to the homeowner. Buying a repossessed house at auction can be an excellent way for homebuyers and real estate investors to purchase property for far below its normal market price. Whether you're looking for a new home, a vacation getaway or a profitable investment opportunity, buying a repossessed house can be a great way to both save money and leave large margin for profit.
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