Is Buying Foreclosures a Good Deal?
Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a house in great condition ready to move into and buying it for half its values, but that scenario is generally far from that. The large percentage of the foreclosures are from people who are in homes that are worth less than what there mortgage is and can not afford to pay the increase in payment on the interest only or adjustable rate mortgage they signed up for. Or is a part of some form of real estate fraud scam. Some of the homes are so damage that they can not be financed or they are in need of expensive repairs. There are small percentages that are great deals but you have to go through a lot of bad apples to find a good one.
