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