As Dan stated correctly, the fact that something is a foreclosure property does not make it automatically a good deal. Here is where caution, experience, and skill, play a crucial role.
While an experienced agent can not make the decisions for you, they can guide you though the labyrinth and in some instances negotiate on your behalf.
Short sales, bank owned properties (REOs), FannieMae sales, and HUD homes all have their relative advantages and disadvantages, and call for different strategies.
If you would like to discuss this I would be happy to meet with you at our office and take you through it.
CDPE (Certified Distressed Property Expert)
SFR (Short-Sale Specialist Certified)
CHBA (Certified Home Buyer Advisor from NAEA)
CSBA (Certified Home Seller Advisor from NAEA)
NAEA Member (National Association of Expert Advisors)
Residential Real Estate Expert Adviser
Lic. Realtor Associate
EXIT On The Hudson Realty
(888) 462-6573 Ext. 101 / (888) HOB-NJRE Ext. 101
FAX (888) 462-6573
Any agent can help you purchase any listed home. If you think buying a foreclosure is automatically a good deal, you're wrong. Some are, some are terrible some are fine. The best ones go quickly and may see multiple offers pushing the price up.
Foreclosures do not come with any seller disclosures and banks write very one sided contracts you must sign if you want to buy the home in many cases.
Find a great local agent with experience with foreclosures to work with. The bank pays the commission, so it costs you nothing. Their experience will benefit you greatly.