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There is no question – now is the time to buy a house. Foreclosures are at an all-time high and their presence in the many markets creates a feeding frenzy every time a new one comes up for sale. These homes are listed in every section of the market and are often in very good shape structurally; some only need light cosmetics (think paint and carpet). Like anything in life, it pays to be prepared. Here are some tips to make your experience as profitable as possible.

Call it a sign of the times: every day, thousands of homes are being repossessed by banks and sold to the highest bidder. Some of them are real junkers but many of these foreclosure homes are in excellent condition and are priced WAY below market value. With a little patience and the right help – and the guidelines below – you could be well on your way to homeownership for a lot less than you could have imagined a few years ago.