Are bank foreclosures good deals?

Answer by  reega (26)

If you or a friend know enough about houses to tell what's wrong with them, bank foreclosures can be good deals. Remember that a foreclosure is sold as is.

Answer by  Ralphie1954 (420)

Bank foreclosures are a really good deal, but you will need a buyers agent to assist you. Buyers agents cost you nothing and will protect you from making any mistakes.

Answer by  bubbagump (94)

It depends on the deal. All bank foreclosures are not equal. Location, location, location is the battle cry in Real Estate. If the property is in a good location, repair cost are minimal, and if it can be immediately sold for a profit then it may be a good deal.

Answer by  DesertRat (699)

They can be a good deal, depending on whether the local housing prices have gotten close to the bottom. Find the lowest average home price for the area in the past five years, and cut that by a third; if the foreclosure price is below that, it's probably a decent deal. Don't be afraid to offer less.