Preparing to sell a home can be expensive: Preparing a home to go on the market comes with the cost of repairs, updates, cleaning and staging. And of course buying one is a huge investment, too; buyers not only need to come up with a downpayment, but have to think about the cost of loan application fees and inspections. 

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People in search of real estate bargains may find themselves considering foreclosures. Foreclosed homes have been seized by a lending bank after a homeowner has defaulted on their mortgage. Although not as common as during the real estate crisis of 2008, foreclosures still happen all over the country.

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