The asking price on a foreclosure is just thatâ€¦the asking price. The final price may be more or less or the same. That is true of most real estate sales. You will only be responsible for the price that you agree to pay for the house, not the previous loan.
The above answer is a simplification of a complicated process, and does not apply if you are buying a house at a foreclosure auction.
You need to get together with a local real estate professional and get your questions answered by someone who has had experience helping individuals like you buy houses. If you are a serious buyer, you will find that a Realtor will be glad to spend time answering your questions and helping you to get into the house that meets your needs. Best partâ€¦the Realtorâ€™s commission is paid by the seller.
Donâ€™t know a Realtor? Ask for referrals from your friends, family or co-workers. You would be surprised how many people are eager to tell you about their favorite Realtor.