First Weber Group
Certified Distressed Property Expert
I'm not sure where you live, so this will deternine the value of the market place. Certain areas of the US were affected harder than other areas.
In most areas, because of the market the past few years, there are unfortunately both an ampul supply of both Foreclosures and Short Sales. Where I reside in Oregon I have found that a Buyer can get a better deal on a Short Sale. A Short Sale means the home has not yet been foreclosed upon, and the lender has agreed to take less than what the home owner owes on their existing loan. The home owner then may, or may not be held responsible for the remaining deficient amount.
If you are interested in purchasing a Foreclosure or Short Sale I would recomend contacting an agent/broker that specializes in this type of sale, such as myself. There is A LOT involved in these transactions. I have found that many agents try to handle these transactions and end up doing a great miss-service to their clients because they do not know all of the ins-and-outs involved.
Good luck...e-mail me back if you have any other questions I can help you with!