Foreclosures Help Information

Bank Owned Foreclosed Properties

Question: Foreclosed/Bank Owned Homes Question?

Someone please tell me what the catch is in buying bank owned/foreclosed/probate homes. I went to Trulia.com and ran a search:

http://www.trulia.com/for_sale/North_Hollywood,CA/price;a_sort/

It returned tons of property with a listing price of basically nothing. How come everyone doesn't buy these deals real quick?

Thanks

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Answer: Foreclosures have a market price just like a regular home, of course cheaper. So the idea that foreclosed homes can be bought for pennies on the dollar is not the norm.
Foreclosed homes have a low price as they carry risk. Usually the buyer can not inspect the property and has to make a payment in full at the time of purchase.
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Bank Owned Foreclosure Property in Oxon Hill, MD

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