On Foreclosure Homes up for Auction, the homes will normally be under a reserve, when the reserve is not met, the house does not get sold, and sometimes will sit longer, or may go back up for auction the following month. Banks are holding on tighter and are not as cooperative as it'd seem in today's market, they are holding on to homes longer to try and get close to 95% of list price. List price can vary according to what it owed on the property, Now, if it is an HOA foreclosure, obviously less is owed, but the properties will still auction for within an average of 20-30% of sales comps. Bank foreclosures will hold on to properties and not fire sale as much. For educational purposes, attending an auction on the first tuesday of the month will give you great insight into the process. As an experienced agent, I would be happy to use my expertise to guide you through the process of buying a cash home or a pre foreclosure.

Nicole Arenas, Realtor
214-991-9507
William Davis Realty

It really depends on the area. Banks to Broker Price Opinion (BPOs) on foreclosures and this is supposed to give them an accurate number of what the home would sell for. Normally the amount owed is much higher than the appraised value or else the current owners could have easily sold to avoid foreclosure.

If you are looking for a home and need some help I offer fast reliable Realtor services and pay you 20% of my commission after the transaction.

Have a great night
RJ
214-682-0598