Foreclosures are cheaper because you take responsibility for a few extra things. I wouldn't say foreclosures are that much cheaper because there is always a balance in condition, repairs, etc.
Most folks don't understand all the ramifications of buying a distressed property until they've experienced it firsthand. You may like it and want to do it again and again or you might say it was a great learning experience that you don't want to go through twice.
Mark Burns, RealtorÂ®
Coldwell Banker Elite - Top 2% Worldwide
President - PRDS, Contracts and Forms for Silicon Valley Residential Real Estate 2008-2012
DRE# 00896552 Licensed since 1985
Over 600 Homes Sold in Silicon Valley
There are three different way to buy foreclosures and each come with different benefits as well as issues.This is a lenghty topic and is best explained in person. Our office has handled over a hundred
foreclosure, preforeclosure or bank owned transactions so we certainly understand the various issues that can arise. Feel free to call us to discuss all of your options.
408 206 7702
As I have mentioned on your other question I have the experience you may be looking for. Please feel free to contact me.
At your service,
Certified Distressed Property Expert
No, it is not true that foreclosures are automatically cheaper by those amounts. Foreclosures come in all price ranges from $180,000 condos to million dollar homes.
I would be happy to discuss this with your further off line.