Buy a foreclosure – save 30% on the price

Buy a Foreclosure?

Foreclosed properties are selling at a discount that can only be described as HUGE!

Homes in foreclosure sold for 32% less than homes not in foreclosure during the third quarter, according to a report released Thursday by RealtyTrac. The biggest average discount for any state was in Ohio, where foreclosures went for 45% below non-foreclosure sales.

That was, according to company CEO James Saccacio, the biggest disparity since late 2005.

“With foreclosure sales, you have highly motivated sellers,” said Daren Blomquist, a spokesman for RealtyTrac.

The deals were even better for buyers who picked up a home that had been repossessed by the bank (known as REOs in industry lingo). Prices on the nearly 114,000 REOs sold during the quarter were a whopping 41% lower on average than non-foreclosed homes sold.

That means you could get a $200,000 house for $118,000.

Blomquist said less-than-mint conditions of many REOs was a major factor in their lower prices.

To read the rest of  this article by Les Christie,  for CNN Money click here

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