After the real estate bubble burst in 2008, it seemed like foreclosed houses could be found in almost every neighborhood across the country. The number of foreclosed homes reached an all-time high in 2010 but has steadily decreased each year since. Nevertheless, as long as there have been mortgages, there have been people unable to pay them. Buyers can get a bargain buying a foreclosed home. But if they’re not cautious, they can get more than they bargained for.

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Believe it or not, most realtors still encourage open houses. Far from being obsolete, they can be a great way to showcase a home when they’re managed by a competent real estate professional.

To understand why that’s the case, it helps to understand the psychology of how people buy houses, even with today’s modern technology.

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