Foreclosures are the steal of the market these days. I've seen some disastrous homes that have been ransacked and I've seen some very beautiful homes in great condition. The most important thing is can I afford to pay this kind of money and make the necessary repairs.
It is such a wonderful thing when I walk into a home that is priced far below competing homes and is in great condition, win/win right? Not always! If that house is priced at $150k and competing homes are priced at $225k+ why would anybody want to throw them a $100k or less offer???
Granted there are some factors that should be considered. Some of those factors are Days on the market, Recent price changes, any seller disclosures that inhibit or delay proper and adequate transfer of title etc. However, my greatest word of advice is: If you are looking a gift horse in the mouth don't cut his throat first and then expect him to run! Low ball offers tend to get very low responses and poor success especially when it is priced to move quickly!
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