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Choosing foreclosure?

I was recently looking into buying a home that was in foreclosure. I stumbled upon it online and called around to see if I could make an offer, but at the very last minute it was redeemed by the owners and sold otherwise. Not at all upset by this, it was just an option I had entertained, but very curious as to the process.

Why would anyone choose foreclosure over selling the property ahead of time? Is there somehow a hidden benefit to this? Like, maybe they could then stay in the house without making payments for an extended period of time, but won't the original foreclosure event still have an impact on credit for later housing options?

submitted by /u/Exultantis
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source https://www.reddit.com/r/RealEstate/comments/1ivha5j/choosing_foreclosure/
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