I hope this information helps! Best Wishes!
Do you have a specific home in mind? I specialize in the Novi area and I would be happy to find some more information out for you.
There is no "rule of thumb" for foreclosure pricing. There are a lot of factors involved including how much is owed on the home (including late fees and attorney fees); recent sales in the area and the condition of the property to name a few. If you are thinking about a foreclosed property, your best bet is to have Buyers Agent looking out for your best interests. Please let me know if I can help.