People try to find foreclosure listings for sale because they are looking for a deal. And it's true that much of the time, the list prices of foreclosures (and other types of distressed listings) are lower than the list prices of generic homeowners. It's all about risk, work & reward.
Foreclosure is the process where lenders (often banks) become the owners of homes because the previous homeowners have stopped paying a mortgage. Banks (or their lawyers, acting as agents) list these homes for sale in order to recover their investments. Generally, those agents specify what kind of contract they require the buyer to sign. They may be listed "as is where is" or "as is where is on possession", which mean different things (differing levels of risk). They may or not be discounted for this risk...
Sometimes foreclosures and court listings are good deals, but not always, and don't forget that generic listings can be well priced, too.
Often it is possible to have a property inspection as well as a financing condition during the purchase of a foreclosure, but not always. The properties below have either been listed by their REALTORS® either as "court sales", "bank/financial institution-owned" or "foreclosure".
AMAZING PRICE for a LARGE 2-bedroom, 2-bathroom condo south of the bridge! IN-SUITE LAUNDRY! 2 TITLED PARKING STALLS (1 UNDERGROUND AND 1 ABOVE-GROUND w/ plug-in)!...
Welcome to 1112- 7901 King Street. The lovely ground floor unit overlooks a greenspace and is in excellent condition and available for immediate possession. ...
5 Bedroom semi detached, fully developed with attached garage and no condo fees! Located in the beautiful Grayling Terrace and backing onto a playground,...
Currently the lowest priced detached single family home on the market in Fort McMurray. GREAT VALUE! This home offers an attached single car garage accessible...