A foreclosure happens when a property owner stops paying their mortgage or other financial obligations to the lender. The lender (typically the bank) will take back the rights to the home, evict the owner, and try to resell the house to someone who will be able to pay for it. Foreclosed homes are often seen as a deal for homebuyers. The bank or financial lender is highly motivated to sell the property so they can gain some of their profits back, which means they will try to sell the foreclosed house for a lower price than others within the market. However, buying a foreclosed home isn’t always the deal that some people think it is. There are many pitfalls and considerations to keep in mind if you are considering entering the foreclosure market or buying a foreclosed home. Here’s what you need to know.