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There are two primary methods of acquiring distressed real estate. The first and the most common is to purchase the property directly from the lender, or a receiver if one has been appointed after the foreclosure has been completed. The second and somewhat less common approach is to acquire the note prior to foreclosure. In the latter case, the note can be purchased either directly from the lender or from the receiver. But there are pitfalls that a buyer might encounter when purchasing the note directly from the receiver and representations that are needed in a loan sale agreement, regardless of whether the seller is the lender or the receiver.

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