How to Buy a Cheap Foreclosure

Buyers tend to lean toward checking out foreclosures for one reason and one reason only, and that is to buy a cheap foreclosure.

Because it's the cheap price on that foreclosure that makes up for the hassle of dealing with the bank, the asset manager, the confusing bank addendums and the foreclosure bank's 'as is' policy. At least in theory that's how it's supposed to work. But not every foreclosure is a cheap foreclosure.

I'm seeing movement, though, toward banks pricing their foreclosures more in line with the comparable sales. Of course, many of those comparable sales are, no surprise here, short sales and foreclosures . . . read more about cheap foreclosures.

More Articles by Elizabeth Weintraub:

• How to Make a Foreclosure Offer
  
• The Drawbacks to Buying a Foreclosure
  
• Should You Buy a Foreclosure or a Regular Home?

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}