In the long island area we are seeing homes going into per-foreclosure or short sale. These properties are up to 40%-50% off their market value. Buyers also, can find property now been auctioned off in there neighborhood and local newspapers. I will not let you enter this process with a blindfolded. I have a list of short sale properties through out the area.
Short sales are a way for homeowners to avoid foreclosure on their homes and still be able to pay off their loan by settling with lender. Negotiating a short sale with the lender is a difficult process. A short sale saves many of the costs associated with the foreclosure process - attorney fee's, the eviction process, delays from borrower bankruptcy, damage to the property, costs associated with resale. In a short sale scenario, the lender gets the property back faster, so it is able to cut its losses.
For closer and Court step sales:
Auctions and court step sales will more likely take time to close the transaction. The down payment might be very high and you might be giving only 10 days to come up with the rest. There might also be back taxes due or liens on the property. Were you might have to pay for out of pocket. Home buyers should rely seek a professionals, such as real estate agents and home inspectors. These professionals can provide information on the neighborhood, tax history, and details about the property, such as lot size, footage. The buyer or investors gets the property at a reduced price but the property in all likelihood has its share of problems think fixer-upper or handy men special.
With my market analysis of the area and property. Sellers and buyers will see that it's worth it, because the short sale sand for closers provides huge savings.