Foreclosures have not always been a good deal. Sometimes they can even cost more than purchasing a non-bank owned property, when you consider the repairs that the buyer will end up paying for. So is there good news? Yes. Across the nation foreclosed properties are selling at prices 28% below (on average) similar properties that are not in foreclosure. Remember though, that we also need to take into account the prevalent practice of allowing homeowners to price their property and many of them have priced their properties well above market value.
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