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Foreclosures for PENNIES on the DOLLAR?

You have, no doubt, heard the claims on radio, on late-night TV, and maybe even at the coffee shop! Yes, it's true. You probably can buy a foreclosure for pennies on the dollar, but that may be 95 pennies on the dollar!"But that cannot be, because everybody knows that foreclosures are such a good deal," you may say. The truth is that foreclosures usually are a good deal, but the "pennies on the dollar" myth is way overblown. Foreclosure properties are appraised before they are priced for the market, and they list at a somewhat discounted, but reasonable, price that is near the appraised value. I list/sell many foreclosed properties every year, and I have never had a new-on-market foreclosure sell for 50 cents on the dollar. Never. Period. End of sentence.Do foreclosures sell for 50 cents on the dollar? Yes, they absolutely do; but that's 50 cents on the dollar when considering what the repaired value is or even what the previous price may have been, not the currently listed price. In other words, a home that sold for $200,000 two years ago may come on the market now for $100,000 as a foreclosure. The current price is based on the home's PRESENT market ... more

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