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Foreclosure/Short Sale/Bank Owned: Where is the best deal? (written Jan 24, 09)
From what I have seen at the courthouse steps, foreclosures usually start with a price very close to the amount owed. However, so few are currently selling at the courthouse that prices may now begin dropping below the amount owed. Even so, short sales are often priced well below what is owed. Thus, I believe short sales are the best deal in today's market.
Bank-owned properties did not used to be a good deal but most recently many banks are also pricing homes well below what is owed just to move them.
Foreclosures have other risks as well. Often, viewing the inside of the property prior to purchase is not possible. Also, one must be careful to research all possible liens which may or may not be recorded. A foreclosure usually comes with very limited title warranties, if any at all, so one is taking on some risks regarding title.
If you are steering clear of short sales because you have heard ugly stories, let me share with you have to avoid the pitfalls of a short sale. They are not for everyone but with a little bit of understanding and the proper information they can be painless and a fantistic buy.