Like many things in life, "if it seems to good to be true, it probably is"
Despite that truism, Foreclosed homes for sale are often a good deal, but they are not for the feint of heart nor the novice, inexperienced buyer. They often take months to get to closing. They often involve getting the approval of multiple stakeholders, i.e. first mortgage holder, 2nd mortgage holder(if there is one, and the mortgage insurance company. all of these firms must agree to acccept less than the amount than they are owed. And what frequently happens, is after spending months gathering documents, and jumping thru hoops, one party kills the deal by refusing tom accept the buyer's offer price.
Bottomline, if you choose to go down that route, be very patient, expect delays and hassles, and don't be disappointed if it falls apart. But you might be one of the lucky buyers who gets a good deal and buys a home at below market pricing when its all over. George Gorayeb 410-903-9026, Anne Arundel Properties, Inc.