Hello, I’ve been considering buying a home and heard that foreclosed properties might be cheaper than regular market listings. Is that generally true? What should I know about the potential advantages or disadvantages of buying a foreclosed home? THANKS…
Yeah, foreclosed homes are cheaper. At least in New York.
I know a realtor who bought one of his portfolios in Queens during the 2008 housing crisis
My friend told me that you need like 10% cash on you at the auction to win the bid.
The catch is that you should clear the rest of the balance within 10 days.
So, if your short on liquid, it is not really viable
1 Like
Yes, foreclosed homes are typically cheaper than other properties because lenders often want to sell them quickly. Additionally, these homes are sold “as-is,” meaning they may need repairs or renovations, which can lower the price further.
1 Like