Foreclosure sales often have final sale prices below list price, but usually not drastically below list price (occasionally there are exceptions). Banks are trying to list properties at fair market value or slightly below fair market value when listed, so that they will sell within a reasonable time and also allow the bank to minimize its losses.
Foreclosure properties are "as is," which poses extra risks. There are no disclosures from an owner about past history of the home, any leaks, hail damage, repairs, etc., because the bank has no idea. Keep in mind that no matter what, you usually "get what you pay for."
Coldwell Banker First Realty