i also don’t really get “foreclosed” i’m guessing it means they’ve missed mortgage payments?
Edit: thanks everyone, lots of good info here!
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A mortgage is a loan that you take from a bank in order to purchase a home. In exchange for the loan, you pay it back with interest over time and the bank has an interest in the home until you repay in full. Foreclosure is what happens when you get a loan from a bank to buy a house and miss enough payments (called defaulting) so that the bank goes to court to kick you out and take possession of the house. Banks don’t really want or have any use for houses, so they sell them. That’s what it means to buy a foreclosed home – you purchased a home from the bank that the bank repossessed from someone who defaulted on their mortgage.
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