This property is a Foreclosure [Trustee Sale, Auction,NTS, NFS] : When a borrower defaults on his/her mortgage payments, the original lender takes back the property and sells it at auction, often at a seriously discounted price. The main advantage of buying at a foreclosure auction is that the moment a property reaches the actual sale date, all trust deeds (loans, depts.) junior to the foreclosing loan are wiped off the property. This can create instant equity.

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