They could both be for sale and they might neither be for sale. Many people use the term foreclosure completely wrong and they over use it a lot. Once a foreclosure is over the term should no longer be used, but it is. Often the bank gets it and then it is bank owned or also called a REO property. The bank will get around to listing it for sale in a month or up to a year or more if there are title issues.
All bank owned (past foreclosed homes) will be listed with a Realtor for sale so find one to work with. They are free to you since the seller pays them.... more
Be very careful thinking foreclosures are always a great deal, sometimes they may be but generally they will require a lot of work. Also, the banks understand supply & demand, so they may own many homes but only place one or two on the market at any given time, (to hold up pricing). Get with a Realtor, these homes may be an option but there may be others on the retail market that end up being just as good of a deal in the end. Good Luck!... more
I had a client win the "highest bid" they contacted her to send in her earnest money, sent her the contract then informed her there was a problem and the seller would not sell the home for the price she bid, but if she would be willing to raise her bid by $15k they would sell. She wouldnt raise her offer but the real issue came up when she requested her earnest money be returned...she finally got it back but it took up a lot of her time, like Chelsey said there are MUCH BETTER ways to purchase a home!!... more